logo
Share SHARE
FONT-SIZE Plus   Neg

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

Abbott Laboratories (ABT: Quote) 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
Lufthansa Officials fear that it may be difficult to trace the second black box of the doomed Germanwings flight that crashed on the Alps with 150 passengers, last week. The airline suspects that the black box might have been badly damaged during the crash, as they could not trace any signals from it. The investigators were able to find the first device-the cockpit voice recorder-earlier. Online retail giant Amazon.com Inc. (AMZN) is reportedly in talks to buy luxury online fashion retailer Net-a-Porter. The news of acquisition was first reported by Women's Wear Daily, which said the deal would be completed for about 2 billion euros, indicating the biggest acquisition yet by Amazon.... Tim Cook, the CEO of tech giant Apple Inc., in an interview said he intends to give away all his wealth to charity. Cook, in an interview to Fortune, said he plans to donate all his wealth to philanthropic projects after paying for his 10-year old nephew's college education. According to Fortune,...
comments powered by Disqus
RELATED NEWS
Trade ABT now with 
Follow RTT