Abbott Completes Acquisition of IDEV Technologies
ABBOTT PARK, Ill., Aug. 21, 2013 /PRNewswire/ -- Abbott (NYSE: ABT) today announced that it has completed its acquisition of IDEV Technologies, a privately held company focused on developing next-generation medical devices for use by interventional radiologists, vascular surgeons and interventional cardiologists.
The acquisition expands Abbott's global peripheral technology portfolio with IDEV Technologies' SUPERA Veritas® self-expanding nitinol stent system. SUPERA Veritas has CE Mark in Europe for treating blockages in blood vessels due to peripheral artery disease (PAD). 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, which is the main artery in the thigh that supplies blood to lower extremities, and is not currently approved in the U.S. for that use.
With its proprietary interwoven wire technology, SUPERA Veritas is designed based on biomimetic principles – attempting to mimic the body's natural movement – to promote blood flow in the treated area while offering strength and flexibility. A recent publication in the Lancet cited that more than 200 million people worldwide are living with PAD.1
"Peripheral artery disease is a significant and growing health concern around the world, raising the need for new and effective treatment options," said Chuck Foltz, senior vice president, vascular, Abbott. "Abbott's acquisition of IDEV Technologies strengthens our global product portfolio while providing an additional opportunity to make a positive impact in the lives of patients with peripheral artery disease."
Abbott acquired all outstanding equity of IDEV Technologies for $310 million net of cash and debt.
About Peripheral Artery Disease
In patients with PAD, fatty deposits accumulate on the inner wall of the artery, causing blockages that reduce the flow of blood to lower parts of the leg. Patients with PAD can experience leg pain when walking and, if untreated, the disease can progress with severe consequences such as critical limb ischemia and amputation.
About Abbott Vascular
Abbott Vascular is the world's leader in drug eluting stents. Abbott Vascular has an industry-leading pipeline and a comprehensive portfolio of market-leading products for cardiac and vascular care, including products for coronary artery disease, vessel closure, endovascular disease and structural heart disease.
Abbott is a global healthcare company devoted to improving life through the development of products and technologies that span the breadth of healthcare. With a portfolio of leading, science-based offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals, Abbott serves people in more than 150 countries and employs approximately 70,000 people.
Visit Abbott at www.abbott.com and connect with us on Twitter at @AbbottNews.
Private Securities Litigation Reform Act of 1995 — A Caution Concerning Forward-Looking Statements
Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors,'' to our Annual Report on Securities and Exchange Commission Form 10-K/A for the year ended Dec. 31, 2012, and are incorporated by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
1 Fowkes FGR, Rudan D, Rudan I, et al. Comparison of global estimates of prevalence and risk factors for peripheral artery disease in 2000 and 2010: A systematic review and analysis. Lancet 2013; http://dx.doi.org/10.1016/ S0140-6736(13)61249-0.