Advertisement
Advertisement
July 14, 2013
Abbott to Acquire Idev Technologies
July 15, 2013—Abbott Vascular (Santa Clara, CA) announced that it has entered into an agreement to purchase Idev Technologies, Inc. (Webster, TX).
According to Abbott Vascular, Idev products include the Supera Veritas, a self-expanding nitinol stent system. Supera Veritas received CE Mark approval for treating blockages in blood vessels due to peripheral artery disease. Idev launched the device for this indication in Europe in May 2010.
In the United States, Supera Veritas is cleared only for the treatment of biliary strictures related to cancer. The device is currently being reviewed under a premarket approval application by the US Food and Drug Administration for treatment of the superficial femoral artery. The Supera Veritas incorporates Idev's interwoven wire technology, which is based on biomimetic principles to mimic the body's natural movement and aims to promote blood flow in the treated area while offering strength and flexibility.
Under the terms of the agreement, Abbott will acquire all outstanding equity of Idev Technologies for $310 million net of cash and debt. The transaction, which is subject to customary closing conditions, including antitrust clearances, is expected to close by the end of the year, according to Abbott Vascular.
Advertisement
Advertisement
