Press Release
Abbott Completes Acquisition of Evalve, Inc.
November 2, 2009
Abbott Park, Illinois (NYSE: ABT)
— Abbott announced today that it has completed its acquisition of Evalve, Inc.,
the global leader in the development of devices for minimally invasive repair
of mitral valves.
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."
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 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.
About Abbott
Abbott (NYSE: ABT)
is a global, broad-based health care company devoted to the discovery,
development, manufacture and marketing of pharmaceuticals and medical products,
including nutritionals, devices and diagnostics. The company employs more than
72,000 people and markets its products in more than 130 countries.
Abbott Forward Looking Statement
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 Item 1A, "Risk Factors," to our Annual
Report on Securities and Exchange Commission Form 10-K for the year ended Dec.
31, 2008, 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.
Media:
Jonathon Hamilton |
(408) 845-3491 |
Financial:
John Thomas
Tina Ventura |
(847) 938-2655
(847) 935-9390 |
