The Chicago-ares medical device company said it inked a deal worth $310 million for Webster, Texas-based IDEV Technologies and its Supera Veritas stent for treating peripheral artery disease.
In a separate release Abbott said it agreed to pay $250 million up front plus another $150 million in possible milestones for OptiMedica and its cataract laser surgery system.
The FDA cleared the Supera Veritas stent for treating strictures of the bile duct in November 2011. Abbott said the device is also being reviewed by the federal watchdog agency under a pre-market approvall application as a potential treatment for peripheral artery disease in the superficial femoral artery.
"The acquisition of IDEV Technologies will expand and complement Abbott’s existing peripheral technology portfolio of guidewires, balloon dilatation catheters and stents, making it 1 of the most comprehensive and competitive portfolios in the industry," Chuck Foltz, Abbott’s vascular senior vice president, said in prepared remarks. "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."
The deal for IDEV is expected to close by the end of the year, according to a press release.
The buyout of OptiMedica expands Abbott’s ophthalmology unit by adding femtosecond laser-assisted cataract surgery to its portfolio. OptiMedica makes the Catalys precision laser system, which won FDA clearance in December 2011 and CE Mark approval in the European Union in August 2011, CEO Mark Forchette told MassDevice.com last year.
"The acquisition of OptiMedica will provide Abbott with an entry point into the rapidly developing laser cataract surgery market," Murthy Simhambhatla, Abbott Medical Optics senior vice president, said in prepared remarks. "The Catalys laser system provides physicians with a state-of-the-art, computer-guided alternative in treating patients suffering from cataracts."
The OptiMedica deal is also slated to close by the end of the year, according to a press release. Neither deal is expected to affect Abbott’s 2013 earnings forecast, the company said.