HTC Graduate Client, IDEV Technologies, Inc, To Be Acquired By Abbott Laboratories
"Webster, Texas-based IDEV Technologies, Inc. is to be acquired by Abbott Laboratories in a wide-ranging $560 million dollar deal that will also include the acquisition of California-based OptiMedica Corp, according to a recent Abbott Labs press release. The deal, which will include $310 million for Idev alone, will allow Abbott to subsume Idev’s innovative stent technology that is designed to treat blockages in leg arteries. The OptiMedica portion of the deal, which gives Abbott access to the company’s proven laser system for cataract surgery, includes a $250 million payout for the company, plus $150 million for reaching certain development and sales targets.
After splitting off its drug unit from the medical device portion of the company on Jan. 1, Abbott is clearly using this large-scale deal to further bolster its profile as a medical device manufacturer. According to the company’s press release, “The $500 million market for peripheral artery disease, a blockage in the leg arteries that affects about 27 million people in the U.S. and Europe, is fueled by rising obesity and diabetes rates.” This, combined with the fact that traditional heart stent sales continue to lag, makes the acquisition of IDEV particularly strategic for Abbott going forward."
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