When Baxter International Inc. announced in July 1999 its plan to follow the spin-off of its hospital supply division, Allegiance Corp. , three years earlier with the spin-off of its cardiovascular group, which became Edwards Lifesciences Corp. [See Deal], company officials hoped the move would produce results similar to the success Guidant Corp. achieved following its split from Eli Lilly & Co. But where Guidant focused on more well-established market segments such as interventional cardiology and cardiac rhythm management (CRM), Edwards concentrated on the relatively under-served niche of late-stage, or what the company now calls advancing stage, cardiovascular disease.
The strategy appears to be paying off, as Edwards' officials report the company has become the leader in the heart...
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