Abbott completes acquisition of Evalve
2 November 2009
Abbott (NYSE:ABT) has announced that it has completed its
acquisition of Evalve, Inc., a developer of devices for minimally
invasive repair of mitral valves.
Abbott acquired the remaining outstanding equity of Evalve that it
did not already own for an upfront payment of $320 million, plus a $90
million payment if certain regulatory milestones are met.
The acquisition provides Abbott with a leading presence in the
growing area of non-surgical treatment for structural heart disease.
Evalve's minimally invasive catheter-based MitraClip system is the
first commercially available treatment option approved in Europe for
non-surgical mitral valve repair for patients suffering from the effects
of mitral regurgitation — a condition that prevents the heart's mitral
valve from closing completely. The MitraClip system is an
investigational device in the United States and is currently in clinical
trials.
"Evalve's innovative valve repair technology gives us the potential
to provide new treatment options for millions of patients with mitral
regurgitation around the world," said Robert Hance, senior vice
president, vascular, Abbott. "This acquisition complements Abbott's
industry-leading pipeline and strong vascular devices portfolio, which
currently holds leadership positions in drug eluting and bare metal
stent segments."
The acquisition of Evalve is one of six strategic acquisitions
initiated by Abbott in the past 12 months to bolster long-term growth
across its broad base of businesses through diversification of product
portfolios, addition of new technology and expansion into key global
emerging markets.