Abbott Laboratories (ABT) Completes Acquisition Of IDEV Technologies For $310 Million
Abbott Laboratories (NYSE:ABT) has announced that they have acquired IDEV Technologies. IDEV Technologies is a private company that develops next-generation medical devices that are used by interventional radiologists, vascular surgeons and interventional cardiologists.
IDEV Technologies is known for developing peripherals like the SUPERA Veritas self-expanding nitinol stent system. This system is used for treating blockages in blood vessels due to artery diseases in Europe. For the U.S. market, the system is used for treating biliary strictures related to cancer.
“Peripheral artery disease is a significant and growing health concern around the world, raising the need for new and effective treatment options,” stated Abbott Laboratories (NYSE:ABT) SVP of vascular Chuck Foltz.
Abbott Laboratories (NYSE:ABT) bought all outstanding equity of IDEV Technologies for $310 million net of cash and debt.