Abbott to acquire stent maker IDEV Technologies for $310 mn
15 July 2013
US pharmaceutical company Abbott Inc today agreed to buy privately held stent maker IDEV Technologies, for $310 million.
The Illinois-based company said it has entered into an agreement to buy IDEV, a company focused on developing next-generation medical devices for use by interventional radiologists, vascular surgeons and cardiologists.
Based in Texas, IDEV Technologies' products include Supera Veritas, a self-expanding nitinol stent system for treating blockages in blood vessels due to peripheral artery disease (PAD).
Stents are used to prop open a blocked vessel and prevent re-blockage. With its proprietary interwoven wire technology, Supera Veritas is designed on biomimetic principles – attempting to mimic the body's natural movement, to promote blood flow in the treated area while offering strength and flexibility.
Abbott said these properties are particularly important when considering treatment for blockages in the blood vessels in the thigh and knee where rapid and frequent movement occurs with daily activities such as walking, sitting and standing.
In the US, Supera Veritas is cleared only for the treatment of biliary strictures (narrowing of a bile duct) related to cancer. It is currently being reviewed under a Premarket Approval Application (PMA) by the US Food and Drug Administration (FDA) for treatment of the superficial femoral artery, which is the main artery in the thigh that supplies blood to lower extremities, and is not currently approved in the US for that use.
"The acquisition of IDEV Technologies will expand and complement Abbott's existing peripheral technology portfolio of guidewires, balloon dilatation catheters and stents, making it one of the most comprehensive and competitive portfolios in the industry," said Chuck Foltz, senior vice president, vascular, Abbott.
"This technology has the potential to make a significant impact on the treatment of patients who suffer from peripheral artery disease, a growing concern around the world," he added.
Abbott said that as many as 27 million people in Europe and North America suffer from PAD.
In patients with PAD, fatty deposits accumulate on the inner wall of the artery, causing blockages, which reduce the flow of blood to lower parts of the leg. Patients with PAD can experience leg pain when walking and, if untreated, the disease can progress with severe consequences such as critical limb ischemia and amputation.
IDEV Technologies has been backed by PTV Sciences, Bay City Capital, RiverVest Venture Partners, Heron Capital, and Piper Jaffray along with other strategic investors.