Boston Scientific Corp. liquidated its 13.3% stake in Cyberonics Inc., a maker of implantable medical devices, for $48.6 million. The move is part of Boston Scientific’s plan to divest itself of elements of its investment portfolio, among other moves. Boston Scientific, a maker of medical devices based in Natick, Mass., was Cyberonics’s largest shareholder. Billionaire financier Carl Icahn is one of Cyberonics’s largest shareholders, with 7.5% of the shares outstanding, according to FactSet Research. He was unavailable for comment. Cyberonics, based in Houston, makes a pacemaker-like device that hooks up to a major nerve to treat two conditions, epilepsy and depression, that often don’t respond well to drugs. Food and Drug Administration approval for the depression treatment generated controversy amid concerns there was thin supporting evidence, and insurers have balked at providing coverage. Implanting the device is a roughly $25,000 procedure.
