Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Abbott Labs To Acquire IDEV Technologies, OptiMedica - Quick Facts

7/15/2013 8:51 AM ET

Abbott Laboratories (ABT: Quote) announced Monday that it has entered into an agreement to acquire IDEV Technologies, a privately held company focused on developing next-generation medical devices for use by interventional radiologists, vascular surgeons and cardiologists,for $310 million net of cash and debt.

IDEV Technologies' products include SUPERA Veritas, a self-expanding nitinol stent system with CE Mark in Europe for treating blockages in blood vessels due to peripheral artery disease. Stents are used to prop open a blocked vessel and prevent re-blockage.

IDEV Technologies is headquartered in Webster,Texas. The transaction is expected to close by the end of the year and will not impact Abbott's ongoing full-year 2013 earnings-per-share guidance.

In a separate press release, Abbott announced it has entered into an agreement to purchase OptiMedica Corporation, a privately held Silicon Valley-based ophthalmic device company, for $250 million, net of cash, plus additional payments totaling up to $150 million upon completion of certain development, regulatory or sales milestones.

The company said that the acquisition will enable it to expand its vision care business into the femtosecond laser-assisted cataract surgery market.

The transaction is expected to close by the end of the year and will not impact Abbott's ongoing full-year 2013 earnings-per-share guidance. The transaction is subject to customary closing conditions, including antitrust clearances.

According to the company, OptiMedica's Catalys Precision Laser System is designed to allow surgeons to replace some of the technically demanding manual steps in cataract surgery with a precise, computer-guided, femtosecond laser technology.

The Catalys laser system is indicated for use in patients undergoing cataract surgery for removal of the crystalline lens, with the intended uses: anterior capsulotomy; phacofragmentation and creation of single and multi-plane arc incisions in the cornea.

Register
To receive FREE breaking news email alerts for Abbott Laboratories and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
While Republicans will try to use the troubled rollout of Obamacare to their advantage in the upcoming midterm elections, the results of a Reuters/Ipsos poll showed that Americans increasingly think Democrats have a better plan for healthcare. Nearly three hundred people are still unaccounted for after a ferry carrying 462 people capsized and sank off South Korea's southern coast, media reports citing local officials said Wednesday. The ill-fated ferry, carrying mostly high school students on an overnight trip, was heading to the tourist island of Jeju from the city of Incheon, a northwestern South Korean city that houses the country's After moving mostly higher in early trading on Wednesday, stocks have continued to perform well over the course of the session. While buying interest has waned since then open, the markets have maintained a positive bias on the day.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.