Boston Scientific (NYSE:BSX) will open an independent representative in Israel tomorrow, as part of its expansion plan.
Boston Scientific SVP finance and CFO Lawrence C. Best said the company plans to invest up to $100 million in Israel's pharmaceutical and biotechnology sectors.
Boston Scientific, one of the world's largest medical equipment companies, is a leader in developing minimally invasive technologies, with annual sales of over $3 billion.
Boston Scientific Israel general manager Doron Debi, formerly Promedico VP sales and marketing, will head the new office. The office, which will be established in Kibbutz Glil Yam, will have 15 employees and handle all the company's marketing activities in Israel. NeoPharm represented Boston Scientific in Israel until now.
The office will also carry out clinical trials in cooperation with Israeli scientific institutions, and handle cooperation agreements with Israeli ventures and companies. For now, NeoPharm will continue handling logistical matters.
Boston Scientific has invested in four Israeli companies to date: Medinol, which developed the Nir stent; Medical Enterprise, which develops technology to heat cells with microwave radiation; SightLine Technologies; and Vitalife Life Sciences Fund, which invests in private life sciences companies.
Boston Scientific has also signed an exclusive distribution agreement for Japan and the US with Lumenis (Nasdaq: LUME), which manufactures advanced laser-based medical and cosmetic treatments.
The ongoing legal battle for production rights to the Nir stent put Boston Scientific's investment in Medinol has made headlines over the past two years.
Published by Globes [online] - www.globes.co.il - on June 12, 2002