Abbott to Acquire IDEV Technologies for $310 million

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According to an Abbott press release, the company has entered into an agreement to purchase privately-held medical device maker IDEV Technologies for $310 million net of cash and debt.

The press release notes that “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). . . . 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.” According to IDEV’s website, they also are marketing the SUREPATH™ guidewire “combining the flexibility of nitinol with the strength of stainless steel.”

Abbott’s press release also states that 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.”

Knobbe Martens‘ partners Sabing Lee and Adam Gilbert and associates Shannon Lam and Brigette Chaput represent IDEV in their intellectual property matters, including the Abbott acquisition diligence.

 

 

 

 

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