logo
Plus   Neg
Share
Email

Abbott To Acquire IDEV Tech., OptiMedica Corp. - Update

Abbott Laboratories (ABT) Monday agreed to acquire IDEV Technologies, a privately held medical devices maker, for $310 million net of cash and debt, which is expected to expand its peripheral technology portfolio.

Abbott also agreed to acquire another private firm, OptiMedica Corp. that makes ophthalmic devices, for $250 million, net of cash, plus milestone-payments of up to $150 million. The deal will help Abbott tap the fast developing laser cataract surgery market.

Both the deal are to close by the year end and will not impact Abbott's ongoing fiscal year 2013 earnings-per-share forecast.

The purchase of IDEV will expand Abbott's existing peripheral technology portfolio of guidewires, balloon dilatation catheters and stents, said Chuck Foltz, senior vice president, vascular, Abbott.

Webster, Texas-based IDEV focuses on developing next-generation medical devices for use by interventional radiologists. Its 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.

In the U.S., SUPERA Veritas is cleared only for the treatment of biliary strictures (narrowing of a bile duct) related to cancer. It is currently being reviewed under a Premarket Approval Application by the U.S. Food and Drug Administration for treatment of the superficial femoral artery.

The OptiMedica deal will help Abbott expand its vision care business into the femtosecond laser-assisted cataract surgery market.

Abbott shares are trading at $35.28, down 0.12%, on a volume of 1.9 million shares on the NYSE.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Consumer goods giant Procter & Gamble Co. announced Thursday that it has signed an agreement to acquire the Consumer Health business of German drug major Merck KGaA for a purchase price of approximately 3.4 billion euros. P&G expects to close the acquisition of Consumer Health business during the 2018/19 fiscal year, subject to customary closing conditions and regulatory clearances. Alcoa Inc. (AA), the largest producer of aluminum in the US, Wednesday reported a first-quarter profit that trumped Wall Street estimates, driven largely by revenue growth, sending its shares up 5 percent in after-hours trading. New York-based Alcoa's first-quarter profit was $150 million or $0.80... Two Colorado counties and the City of Boulder have filed a lawsuit against Canada-based Suncor Energy Inc. and U.S. giant Exxon Mobil Corp. for the "substantial role" they played in causing and contributing to climate change-related damage to their communities. The communities of Boulder County, San Miguel County and the City of Boulder filed the lawsuit in a U.S. district court.
Follow RTT