Abbott and St Jude Medical have announced an agreement in principle to sell certain products to Terumo Corporation.The agreement is an important step toward completion of Abbott’s acquisition of St Jude Medical. Abbott’s acquisition of St Jude Medical is expected to close by year-end.
The transaction reflects a purchase price of approximately US$1.12 billion and is subject to the successful completion of Abbott’s acquisition of St Jude Medical and antitrust regulatory approvals. Abbott, St Jude Medical and Terumo are bound by the terms of an exclusivity agreement.
The divestiture is an all-cash transaction and will include the products globally for St Jude Medical’s AngioSeal and Femoseal vascular closure products and Abbott’s VadoSteerable Sheath. Abbott will retain its vascular closure products, which include the Perclose ProGlide suture-mediated closure system, StarClose SE vascular closure system and Prostar XL percutaneous Vascular Surgical System.
Abbott expects to mitigate any impact to its adjusted earnings per share projections related to the sale of these assets to Terumo.