US-based medical technology company Abbott has signed a definitive agreement to acquire cardiovascular devices maker Cardiovascular Systems (CSI) to boost its vascular offerings.
Under terms of the agreement, CSI stockholders are expected to receive $20 for CSI common share held, for a total equity value of around $890m.
The transaction has been approved by the boards of directors of both CSI and Abbott.
Its closing is subject to the approval of CSI stockholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.
Abbott medical devices executive vice president Lisa Earnhardt said: “The acquisition of CSI will add new, complementary technologies to Abbott’s leading vascular device offerings.
“CSI has a talented and experienced team and a leading atherectomy system that will allow Abbott to provide physicians more tools to help patients live fuller lives.”
CSI is engaged in providing devices for atherectomy, a minimally invasive treatment for removing plaque accumulated in arteries that can restrict blood flow.
Atherectomy procedures may enhance the benefits of standard balloon angioplasty or stent treatments in restoring blood flow in complex arterial disease.
CSI also has an early-stage pipeline of complementary vascular intervention devices currently under development.
In January last year, CSI has announced the commercialisation of its intravascular lithotripsy (IVL) systems for the treatment of calcific coronary and peripheral artery disease.
Together with its partner OrbusNeich Medical, CSI has secured the US Food and Drug Administration (FDA) premarket approval (PMA) for the Scoreflex scoring balloon.
CSI chairman, president, and chief executive officer Scott Ward said: “We are pleased to have reached an agreement with a leading global company that shares our passion for the development and commercialization of innovative solutions for treating complex peripheral vascular disease and coronary artery disease.
“We believe combining with Abbott delivers value to our patients, physician customers, employees and stockholders while continuing our work to save limbs and save lives every day.”
