Abbott has entered into an agreement to purchase IDEV Technologies, a privately held company focused on developing next-generation medical devices for use by interventional radiologists, vascular surgeons and cardiologists.
Under the terms of the agreement, Abbott, already a player in the peripheral vascular device market, will acquire all outstanding equity of IDEV Technologies for $310 million net of cash and debt.
Estimates say that as many as 27 million people in Europe and North America suffer from Peripheral Artery Disease a figure that is on the rise. This is expected to place further economic burden on the healthcare system, fuelling moves to intervene with timely and effective treatment.
In patients with PAD, fatty deposits accumulate on the inner wall of the artery, causing blockages which reduce the flow of blood to lower parts of the leg. Patients with PAD can experience leg pain when walking and, if untreated, the disease can progress with severe consequences such as critical limb ischemia and amputation.
IDEV Technologies’ products include SUPERA Veritas®, a self-expanding nitinol stent system with CE Mark in Europe for treating blockages in blood vessels due to peripheral artery disease (PAD). With its proprietary interwoven wire technology, the design of SUPERA Veritas is based on biomimetic principles, aiming to promote blood flow in the treated area while offering strength and flexibility. These properties are particularly important when considering treatment for blockages in the blood vessels in the thigh and knee where rapid and frequent movement occurs with daily activities such as walking, sitting and standing.
In the U.S., SUPERA Veritas is FDA cleared only for the treatment of biliary strictures related to cancer. It is currently being reviewed under a Premarket Approval Application (PMA) by the agency for treatment of the superficial femoral artery (SFA), for which it is not currently approved in the U.S.
“The acquisition of IDEV Technologies will expand and complement Abbott’s existing peripheral technology portfolio of guidewires, balloon dilatation catheters and stents, making it one of the most comprehensive and competitive portfolios in the industry,” said Chuck Foltz, senior vice president, vascular, Abbott. “This technology has the potential to make a significant impact on the treatment of patients who suffer from peripheral artery disease, a growing concern around the world.”
Source: Abbott Vascular