Abbott Completes Acquisition of IDEV Technologies
ABBOTT PARK, Illinois, Aug. 21, 2013
ABBOTT PARK, Illinois, Aug. 21, 2013 /PRNewswire/ --Abbott (NYSE: ABT) today
announced that it has completed its acquisition of IDEV Technologies, a
privately held company focused on developing next-generation medical devices
for use by interventional radiologists, vascular surgeons and interventional
The acquisition expands Abbott's global peripheral technology portfolio with
IDEV Technologies' SUPERA Veritas® self-expanding nitinol stent system. SUPERA
Veritas has 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
by the U.S. Food and Drug Administration for treatment of the superficial
femoral artery, 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.
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. A recent publication in the Lancet cited that more than 200
million people worldwide are living with PAD. ^
"Peripheral artery disease is a significant and growing health concern around
the world, raising the need for new and effective treatment options," said
Chuck Foltz, senior vice president, vascular, Abbott. "Abbott's acquisition of
IDEV Technologies strengthens our global product portfolio while providing an
additional opportunity to make a positive impact in the lives of patients with
peripheral artery disease."
Abbott acquired all outstanding equity of IDEV Technologies for $310 million
net of cash and debt.
About Peripheral Artery Disease
In patients with PAD, fatty deposits accumulate on the inner wall of the
artery, causing blockages that 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.
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
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.
Visit Abbott at www.abbott.com and connect with us on Twitter at @AbbottNews.
Private Securities Litigation Reform Act of 1995 — A Caution Concerning
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 Item1A, "Risk Factors,'' to our Annual Report on
Securities and Exchange Commission Form10-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.
^ Fowkes FGR, Rudan D, Rudan I, et al. Comparison of global estimates of
prevalence and risk factors for peripheral artery disease in 2000 and 2010: A
systematic review and analysis. Lancet 2013; http://dx.doi.org/10.1016/
Contact: Media, Steve Kelly, +1-408-845-3427, or Gayathri Badrinath,
+1-408-845-8292; or Financial, Tina Ventura, +1-847-935-9390
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