Stryker Corp., the Michigan-based medical technology company, said Wednesday it is not in discussions with Boston Scientific Corp. about acquiring it, two days after news reports said Stryker had approached the Marlborough-based company about a possible takeover.
“Stryker is not in discussions with Boston Scientific Corp. regarding a potential acquisition,” the Kalamazoo-based company said in a regulatory filing with the Securities and Exchange Commission.
The potential deal, first reported by the Wall Street Journal on Monday morning, pushed Stryker’s stock price down by about 10 percent over the past two days. Boston Scientific shares had risen at the prospect of a potential deal, closing Tuesday up more than 5 percent.
“It is not surprising to us to see [Stryker] issue this statement given that the stock is down 10 percent over [the] last two days,” said Vijay Kumar, managing director of the investment analyst firm Evercore ISI.
He added that Stryker probably wanted to allay concerns that were likely to be voiced at upcoming investor meetings.
Stryker stock surged more than 4 percent Wednesday morning, while Boston Scientific shares fell more than 5 percent.
Previously, a Stryker spokesman had said the company, as a matter of policy, does not comment on potential mergers and acquisitions. A spokeswoman for Boston Scientific had issued a similar response.
If Stryker took over Boston Scientific, it would create a medical-device giant with a combined value of more than $110 billion.
A 39-year-old company, Boston Scientific makes medical devices such as the Watchman, an implantable device that seals a pocket in a patient’s heart chamber to prevent blood clots that can trigger strokes. It also makes endoscopic, urological, and other devices.
It had a market value Monday of more than $48 billion and employs about 29,000 people. Stryker, which makes medical devices, surgical equipment, and joint implants, had a market value of about $64 billion and about 33,000 employees.
Boston Scientific has spent much of the past decade paying down debt from its 2006 purchase of Guidant Corp. Market watchers saw that takeover as disastrous; while it made Boston Scientific a player in pacemakers and defibrillators, it saddled the company with years of product recalls and litigation.
The company also continues to spend money defending itself in separate suits by patients claiming injuries from its vaginal mesh devices. In May, the CBS news program “60 Minutes” reported that Boston Scientific has been the subject of more than 48,000 lawsuits from more than 100,000 women alleging that the plastic strip inflicts serious pain and injury.Jonathan Saltzman can be reached at firstname.lastname@example.org.