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GlobeSt.com UPDATE: Boston Scientific to Announce 120,000 SF R&D Building

MAPLE GROVE, MN-The expansion is related to the expected approval of the firm's new drug-coated stent, which could give it a major share of a pharmaceutical market expected to generate $5 billion in sales next year.

By Jim McCartney | Updated on February 03, 2004

MAPLE GROVE, MN-Boston Scientific has told city officials in Maple Grove that it will go ahead with the construction of a 120,000 sf, $25 million new research and development building at its divisional campus there. The company, which also told the city it will add “300 to 600″ new jobs at the campus, has tentatively set the announcement for the expansion on Feb. 17, according to Al Madsen, city administrator for the city of Maple Grove.

The expansion is related to a new market that Boston Scientific expects to enter in a matter of weeks—drug-coated stents. The Natick, MA-based company is on the verge of getting approval from the federal Food and Drug Administration to sell the Taxus stent in the US. Many Wall Street analysts predict Boston Scientific could quickly dominate the market. They also expect the overall market segment could soon grow to $5 billion next year.

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