ABBOTT PARK, Ill., July 30, 2015
/PRNewswire/ -- Abbott (NYSE: ABT) announced today that it has
entered into an agreement to purchase Tendyne Holdings, Inc., a
private medical device company focused on developing minimally
invasive mitral valve replacement therapies. Under the terms of the
agreement, Abbott will acquire the equity of Tendyne that it does
not already own for $225 million
upfront, resulting in a total transaction value of $250 million, plus potential future payments tied
to regulatory milestones.
Tendyne's Bioprosthetic Mitral Valve System is an
investigational device and not currently available for sale. The
U.S. Food and Drug Administration has provided approval for a
feasibility clinical trial to provide data about the device's
safety and effectiveness. The trial has begun enrolling patients,
and there are plans to begin enrollment next year in a clinical
trial to support CE Mark in Europe.
In a separate transaction, Abbott has provided capital and
secured an option to purchase Cephea Valve Technologies. Cephea
Valve Technologies, a private company, is developing a
catheter-based mitral valve replacement therapy. Financial terms
were not disclosed.
As part of its structural heart portfolio, Abbott currently
offers MitraClip, a first-of-its-kind mitral valve repair device
used to treat certain types of mitral valve disease, the most
prevalent heart valve disease.1 It is delivered to the
heart via a catheter through the femoral vein, a blood vessel in
the thigh. MitraClip is available in the
United States, Canada,
Europe and countries in
Asia and Latin America. More than 25,000 people around
the world have been treated with the MitraClip device.
The Tendyne and Cephea valve replacement technologies are
designed to be implanted in a beating heart, without the need for
open heart surgery, similar to MitraClip, thereby offering a new
treatment option. Minimally invasive mitral valve repair and
replacement is expected to become a multi-billion dollar market
over the next 10 years.
"Mitral valve disease is highly complex and requires multiple
treatment options in order to tailor the therapy based on each
person's anatomy and health situation," said John M. Capek, Ph.D., executive vice president,
Ventures, Abbott. "The Tendyne acquisition and our agreement with
Cephea broaden our foundation as one of the leaders in treatments
for mitral valve disease, with the goal of bringing promising, less
invasive valve treatment technologies to people who need them."
About the Transactions
Completion of the Tendyne acquisition is subject to customary
closing conditions, including antitrust clearance. It is
expected to close in the third quarter of this year. Neither the
Tendyne acquisition nor the option to purchase Cephea is expected
to impact Abbott's ongoing full-year 2015 earnings-per-share
guidance. Tendyne is headquartered in Roseville, Minn., and Cephea is headquartered
in Santa Cruz, Calif.
For more information about Abbott's MitraClip, including
important safety information, please
visit www.mitraclip.com.
About Abbott
Abbott is a global healthcare company devoted to improving life
through the development of products and technologies that span the
breadth of healthcare. With a portfolio of leading, science-based
offerings in diagnostics, medical devices, nutritionals and branded
generic pharmaceuticals, Abbott serves people in more than 150
countries and employs approximately 73,000 people.
Visit Abbott at www.abbott.com and connect with us on Twitter at
@AbbottNews.
Private Securities Litigation Reform Act of 1995 – A Caution
Concerning Forward-Looking Statements
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, 2014, 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, except as required by
law.
1 Nkomo VT, Gardin JM, Skelton TN, Gottdiener JS,
Scott CG, Enriquez-Sarano M. Burden
of valvular heart diseases: a population-based study. Lancet. 2006
Sep 16;368(9540):1005-11.
http://www.ncbi.nlm.nih.gov/pubmed/16980116
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SOURCE Abbott