logo
Share SHARE
FONT-SIZE Plus   Neg

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 RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Google is planning to significantly expand a carpool service on its navigational app Waze, according to a report in the Wall Street Journal. The move indicates the company is edging closer to a potential clash with ride-hailing service Uber Technologies Inc. Private equity firm Sycamore Partners has won the bankruptcy auction for the e-commerce business and intellectual property of U.S. women's apparel retailer The Limited with a bid of $26.8 million, Reuters reported, citing people familiar with the matter. A U.S. bankruptcy court judge must now approve the sale to Sycamore Partners. French telecommunications operator Orange SA reported Thursday higher net profit in its fiscal year 2016 mainly on income from discontinued operations. Operating income, meanwhile, declined, despite increased revenues. For fiscal 2017, the company projects higher adjusted EBITDA, a key earnings metric.
comments powered by Disqus
Follow RTT