(RTTNews) -  Abbott Laboratories (ABT: News ) said that it has completed its acquisition of Evalve Inc. for an upfront payment of $320 million, plus a $90 million payment if certain regulatory milestones are met.

The acquisition provides Abbott with a leading presence in the growing area of non-surgical treatment for structural heart disease.
Evalve's minimally invasive catheter-based MitraClip system is the first commercially available treatment option approved in Europe for non-surgical mitral valve repair for patients suffering from the effects of mitral regurgitation - a condition that prevents the heart's mitral valve from closing completely. The MitraClip system is an investigational device in the United States and is currently in clinical trials.

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by RTT Staff Writer

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