ABBOTT PARK, Ill., Nov. 2 /PRNewswire-FirstCall/ -- 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.
Abbott 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's news releases and other information are available on the company's Web site at www.abbott.com.
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.