Abbott (NYSE: ABT), acquired Cardiovascular Systems, a St. Paul, MN-based medical device company.
Under terms of the agreement, CSI stockholders will receive $20 per common share at a total expected equity value of approximately $890 million.
With the acquisition, Abbott will gain an innovative, complementary solution in treating vascular disease through CSI’s atherectomy system, which prepares vessels for angioplasty or stenting to restore blood flow. CSI’s offering will support Abbott’s ability to provide better care for patients with peripheral and coronary artery disease.
Led by Scott Ward, chairman, president and chief executive officer, Cardiovascular Systems is a medical device company focused on developing and commercializing solutions for treating vascular and coronary disease. Its orbital atherectomy system treats calcified and fibrotic plaque in arterial vessels throughout the leg and heart and addresses many of the limitations associated with existing surgical, catheter and pharmacological treatment alternatives. CSI also has an early-stage pipeline of complementary vascular intervention devices in development.
Upon close, the transaction is expected to be neutral to Abbott’s recently issued 2023 ongoing earnings per share guidance. The transaction, which has been approved by the boards of directors of CSI and Abbott, is subject to the approval of CSI stockholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.
FinSMEs
09/02/2023