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News & Trends - MedTech & Diagnostics

Abbott expands cardiovascular portfolio with new acquisition

Health Industry Hub | February 10, 2023 |

MedTech News: With a view to complement the company’s cardiovascular offerings, Abbott has made a deal valued at about $890 million to acquire medical device company, Cardiovascular Systems Inc (CSI).

CSI develops and commercialises innovative interventional treatment systems for patients with peripheral and coronary artery disease, while Abbott is a major player in the angioplasty and stents space.

CSI is a leader in devices for atherectomy, a minimally invasive treatment for plaque build-up in arteries that can restrict blood flow. Procedural use of atherectomy can help maximise the benefits of standard balloon angioplasty or stent treatments in restoring blood flow in complex arterial disease. CSI also has an early-stage pipeline of complementary vascular intervention devices in development.

“The acquisition of CSI will add new, complementary technologies to Abbott’s leading vascular device offerings,” said Lisa Earnhardt, executive vice president, Medical Devices, Abbott.

“CSI has a talented and experienced team and a leading atherectomy system that will allow Abbott to provide physicians more tools to help patients live fuller lives.”

“We are pleased to have reached an agreement with a leading global company that shares our passion for the development and commercialisation of innovative solutions for treating complex peripheral vascular disease and coronary artery disease,” said Scott Ward, CSI’s chairman, president and chief executive officer.

“We believe combining with Abbott delivers value to our patients, physician customers, employees and stockholders while continuing our work to save limbs and save lives every day.”

Abbott’s CEO, Robert Ford, recently pointed to several product launches as a major part of its outlook for 2023. These include FreeStyle Libre 3, Amplatzer Amulet, Aveir, Navitor, CardioMems, Eterna – a spinal cord stimulation system – and Navitor, a transcatheter aortic valve implantation (TAVI) system.

In other M&A news, GE HealthCare plans to acquire Caption Health and its AI-powered image guidance tech, and Globus Medical and NuVasive have announced plans to merge.

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