logo
Share SHARE
FONT-SIZE Plus   Neg

Abbott Labs To Acquire IDEV Technologies, OptiMedica - Quick Facts

Abbott Laboratories (ABT) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Tesla's next electric car Model 3 is aimed at the masses with a price tag that could go below $30,000. Tesla CEO Elon Musk, during an earnings call, confirmed that the Model 3 will start selling for "around $35k," and reservations will start from March 31 in Tesla stores and online on April 1 for... Advanced Disposal Services Inc. joins the growing list of companies to postpone their initial public offering amid the volatility in stock markets. Breakfast and snack food giant Kellogg Co. on Thursday reported a loss for the fourth quarter that narrowed from last year as lower revenues were more than offset by a decline in costs and expenses. Adjusted earnings per share for the quarter topped analysts' estimates, while revenue fell short of expectations. Looking ahead, the company affirmed its financial outlook for fiscal 2016.
comments powered by Disqus
RELATED NEWS
Trade ABT now with 
Follow RTT