Article preview from the IN VIVO BLOG - June 26, 2008
Lost in the news that Boston Scientific is continuing to sell off pieces of itself was the creation of a new venture capital fund affiliated with secondary buyer Saints Capital.
Saints raised $165 million for new fund, Saints Everest. It paid $100 million for 54 companies from Boston Scientific's venture portfolio. Its investors include Adams Capital Management and Harbourvest Partners LLC, according to Scott Halsted, the firms' new managing director.
In a separate deal, Boston Scientific agreed to sell another portfolio of venture funds and companies to Paul Capital Partners for roughly $40 million. The proceeds of both rounds would go toward paying down Boston Scientific's debt.
We've reported extensively on Boston Scientific's disassembling of itself by selling off unwanted divisions such as its cardiac and vascular businesses as well as its endovascular business.
Halsted--who left Morgan Stanley Venture Partners last fall as it stopped making new investments in health care companies--will lead the new Saints Everest effort, which will manage former Boston Scientific properties--including companies like Asthmatx Inc. and Broncus Technologies Inc.--and make some new investments as well.
Read the full post on the IN VIVO BLOG
