Abbott has announced that it has entered into an agreement to purchase IDEV Technologies. Per the terms of the agreement, Abbott will acquire all outstanding equity of IDEV Technologies for US$310 million net of cash and debt.
IDEV’s products include Supera Veritas, a self-expanding nitinol stent system with CE mark in Europe for treating blockages in blood vessels due to peripheral arterial disease. With its proprietary interwoven wire technology, Supera Veritas is designed, based on biomimetic principles, to promote blood flow in the treated area while offering strength and flexibility. These properties are particularly important when considering treatment for blockages in the blood vessels in the thigh and knee where rapid and frequent movement occurs with daily activities such as walking, sitting and standing.
In the USA, Supera Veritas is cleared only for the treatment of biliary strictures related to cancer. It is currently being reviewed under a Premarket Approval Application (PMA) by the US Food and Drug Administration for treatment of the superficial femoral artery. Supera Veritas has been studied in more than 1,500 patients in companuy- and physician-sponsored trials around the world, including a trial to support regulatory filings in the USA.
“The acquisition of IDEV Technologies will expand and complement Abbott’s existing peripheral technology portfolio of guidewires, balloon dilatation catheters and stents, making it one of the most comprehensive and competitive portfolios in the industry,” said Chuck Foltz, senior vice president, Vascular, Abbott.
The transaction is expected to close by the end of the year and will not impact Abbott’s ongoing full-year 2013 earnings-per-share guidance. The transaction is subject to customary closing conditions, including anti-trust clearances.