ABBOTT PARK, Ill., Sept. 2, 2015
/PRNewswire/ -- Abbott (NYSE: ABT) announced today that
it has completed its acquisition of Tendyne Holdings, Inc., a
private medical device company focused on developing minimally
invasive mitral valve replacement therapies. Abbott acquired the
equity of Tendyne that it did not already own for $225 million upfront, resulting in a total
transaction value of $250 million,
plus potential future payments tied to regulatory milestones.
"The Tendyne acquisition broadens Abbott's foundation as a
leader in treatments for mitral valve disease, which is highly
complex and requires multiple treatment options," said John M. Capek, Ph.D., executive vice president,
Ventures, Abbott. "Our goal is to provide effective, less invasive
valve treatment technologies to treat people based on their
specific anatomy and health situation."
Tendyne's Bioprosthetic Mitral Valve System is designed to be
implanted in a beating heart, without the need for open heart
surgery, which would be a new treatment option for mitral valve
replacement. It is an investigational device and not currently
available for sale. The U.S. Food and Drug Administration has given
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.
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.
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SOURCE Abbott