Abbott closes it’s $25 billion St. Jude Medical buy
In January, Abbott (NYSE:ABT) closed its $25 billion buy of St. Jude Medical (NYSE:STJ), permanently combining the 2 major players in medtech in the biggest med device deal of the year so far.
Under the merger agreement, St. Jude Medical now operates as a wholly-owned subsidiary of Abbott.
“Abbott has a strong track record of successfully integrating dozens of businesses on a global scale and accelerating growth. The addition of St. Jude Medical strengthens our global medical device leadership while offering innovative products to address more areas of care, in more physicians’ offices and hospitals around the world,” Abbott CEO & chair Miles White said in prepared remarks.
Abbott touted the acquisition, saying it would position the combined entity to cover “nearly every area” of the cardiovascular market, holding onto the number 1 or 2 positions “across large and high-growth cardiovascular device markets.”
The combined company’s cardiovascular and neuromodulation portfolio has reported annual sales of approximately $8.7 billion, the companies said.
The deal required that St. Jude divest itself of its small vessel closure device business, which it sold to Terumo for approximately $1 billion
NEXT: Becton Dickinson to purchase C.R. Bard for $24 billion
