Boston Scientific Laying Off Up to 600

"This plan will shift resources from less productive projects to more productive ones, reinvigorating our product pipeline and driving top-line growth," said Jim Tobin, president and chief executive, in a statement.

The layoffs will come in research and development, as well as other positions, during the first quarter. It will result in after-tax costs of $70 million, the company said. Those costs include "change-in-control payments" from last year's Guidant buyout.

Savings will be redirected into research and development, with the focus on a selective number of projects. No specifics on those projects were given late Monday. The majority of layoffs will be at the company's CRM facility in Arden Hills, Minn.

Also, the company said CRM sales for the fourth-quarter were about $489 million.

Shares of Boston Scientific rose 71 cents, or 4.2 percent, to close at $17.81 on the New York Stock Exchange. The stock has traded between $14.43 and $26.56 over the last 52 weeks.