Health History | Boston Scientific — A Holding Company Formed in Watertown on 29 June
· 1979-6
Unreviewed contributionBy kevin · · Report an issue
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Health History | Boston Scientific — A Holding Company Formed in Watertown on 29 June
kevin
People treat Boston Scientific as the Marlborough campus at 300 Boston Scientific Way that always sold stents and scopes.
The first book was a holding company set up to buy one catheter shop.
On 29 June 1979 John Abele and Peter M. Nicholas formed Boston Scientific in Watertown, Massachusetts, to acquire Medi-Tech, Inc.
Medi-Tech had begun in Itzhak Bentov's basement lab in a Belmont church rectory, then moved to Watertown after Abele bought in with Cooper Labs.
Abele brought the steerable catheter.
Nicholas, who had run Millipore's medical-products division, brought the wish to build a company rather than a single device.
They financed the buyout with a 500,000-dollar loan and 300,000 dollars of partners' capital.
First-year sales were about two million dollars, with fewer than fifty people.
By 1982 a renovated mill in Watertown was a plant.
The later world headquarters sits in Marlborough, but the incorporation date and the first rooms belong to Watertown.
The mechanism that justified the holding company was less-invasive access.
A steerable catheter let a physician work from inside an artery instead of opening a chest or an abdomen, which is why a two-lumen tube from a church basement became a listed device maker.
Photo: Wikimedia Commons, Watertown, Massachusetts.
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