ABBOTT PARK, Ill., July 15, 2013 /PRNewswire/ -- Abbott (NYSE: ABT) today announced that it has entered into an agreement to purchase IDEV Technologies, a privately held company focused on developing next-generation medical devices for use by interventional radiologists, vascular surgeons and cardiologists. Under the terms of the agreement, Abbott will acquire all outstanding equity of IDEV Technologies for $310 million net of cash and debt.
IDEV Technologies' 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 (PAD). Stents are used to prop open a blocked vessel and prevent re-blockage. 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. 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 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 (PMA) by the U.S. Food and Drug Administration (FDA) for treatment of the superficial femoral artery (SFA), 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. SUPERA Veritas has been studied in more than 1,500 patients in company- and physician-sponsored trials around the world, including a trial to support regulatory filings in the U.S.
"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. "This technology has the potential to make a significant impact on the treatment of patients who suffer from peripheral artery disease, a growing concern around the world."
As many as 27 million people in Europe and North America suffer from PAD.i An increasing prevalence of PAD is expected to place further economic burden on the healthcare system, making timely and effective treatment an important consideration.ii In patients with PAD, fatty deposits accumulate on the inner wall of the artery, causing blockages which 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.
IDEV Technologies is headquartered in Webster,Texas. 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 antitrust clearances.
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.
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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.
i Belch JJ, et al. Critical issues in peripheral arterial disease detection and management: a call to action. Arch Intern Med 2003; 163(8): 884–892.
ii Norgren L, Hiatt WR, et al. Inter-Society Consensus for the Management of Peripheral Arterial Disease (TASC II). J Vasc Surg 2007; 45(Suppl S): S5–67.