By Tess Stynes
Abbott Laboratories (ABT) said it reached separate deals to
acquire two developers of minimally invasive mitral-valve
replacement products, moves Abbott expects will complement its
MitraClip business.
Analysts have said that nonsurgical mitral heart valves could
address an even larger market than transcatheter aortic heart
valves, also known as TAVR. Such devices provide an alternative
option for elderly patients who are considered at high risk of
complications in open-heart surgery.
Abbott said it agreed to acquire the remaining stake in
privately held Tendyne Holdings Inc. that it doesn't already own
for as much as $250 million. The deal includes an upfront payment
of $225 million. Abbott said the U.S. Food and Drug Administration
has given approval for a feasibility study of Tendyne's
experimental mitral-valve device and there are plans to enroll
patients in a separate study in Europe, where it also aims to gain
regulatory approval.
Separately, Abbott said it has provided capital and secured an
option to purchase privately held Cephea Valve Technologies.
Financial terms weren't disclosed.
Abbott said both investigational devices are designed to be
implanted in a beating heart, without the need for open heart
surgery, similar to its own MitraClip device.
Earlier this month, Edwards Lifesciences Corp. (EW), which has
benefitted from strong sales growth for its aortic valves, recently
reached a $400 million deal to acquire CardiAQ Valve Technologies
Inc., which also is developing a transcatheter mitral-valve
replacement therapy.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires