Evalve Inc. for $320 million in up-front cash and up to $410 million total.
The Chicago-based devices giant said it will add Evalve’s minimally invasive mitral valve repair devices to its large vascular business.
Menlo Park, Calif.-based Evalve makes a catheter-based device called the MitraClip to repair structural heart defects in the mitral valve, which controls the flow of blood between the left atrium and the left ventricle. It’s an investigational device in the United States and is in clinical trials. It received CE Mark approval in the European Union last year.
Evalve president and CEO Ferolyn Powell will stay with the division, reporting to Abbot Vascular senior vice president Robert Hance.
In addition to $320 million up front for the 90 percent of Evalve it doesn’t already own, the deal will see Abbott pay another $90 million if MitraClip passes certain regulatory hurdles.