Abbott Announces Acquisition of Integrated Vascular Systems, Inc.
ABBOTT PARK, Ill., Sep 26, 2003 PRNewswire-FirstCall via COMTEX - Abbott Laboratories (ABT) today announced the acquisition of Integrated Vascular Systems, Inc. (IVS), based in Sunnyvale, Calif., a developer of a novel vessel closure technology. Under the terms of the agreement, Abbott acquired all of the equity of IVS, a privately held company, for approximately $65 million in cash plus an additional milestone payment if agreed-upon targets are met. This transaction will not have an impact on the results of Abbott's 2003 ongoing operations, but will result in a one-time charge for in-process research and development. Additional financial terms of the agreement were not disclosed.
"This acquisition is an excellent fit with our strategy to build a comprehensive portfolio of vessel closure devices that meets the varied needs of clinicians," said Robert B. Hance, president, Abbott Vascular Devices, Abbott Laboratories. "IVS' technology is intended to offer clinicians an easy-to-use closure option -- without sacrificing confidence in the close -- and will be a natural complement to Abbott Vascular Devices' currently marketed closure technologies."
American Heart Association research suggests that more than 61 million Americans have cardiovascular disease and nearly three million cardiac catheterizations are conducted in the United States each year. During cardiac catheterization procedures, a long, thin tube (called a catheter) is threaded through a major artery in the leg up to the heart to diagnose or treat certain problems with that organ and its blood supply. Traditionally, doctors have used various methods of applying compression to close the opening to the femoral artery, including direct pressure, sandbags or mechanical clamps. These approaches to vessel closure often result in significant patient discomfort and can require up to several hours to achieve hemostasis.
In 1999, Abbott acquired Perclose, a leader in vessel closure devices. Since the launch of its first system in 1994, Perclose's technology has enabled physicians to more quickly close the accessed vessel and reduce the bleeding after cardiac catheterization, allowing patients to ambulate safely and improving patient comfort. In addition, a prospective study indicated that use of this technology allows patients to go home sooner, requiring less nursing time for post-procedure monitoring, which may result in cost savings. Abbott's portfolio of closure devices includes the recently launched enhanced Perclose(R) A-T(TM) and the Closer S(TM). In 2002, Abbott introduced the Chito-Seal™ topical hemostasis pad, which expedites clot formation and accelerates hemostasis.
About Abbott Vascular Devices
Abbott Vascular Devices, Abbott's cardiovascular device franchise, headquartered in Redwood City, Calif., is a medical technology pioneer that combines Abbott's pharmaceutical and device heritage to deliver specialized treatment options that dramatically improve the care of people with cardiovascular disease. Abbott Vascular Devices brings the best of these backgrounds together to develop unique vessel closure, coronary stent, and peripheral and embolic protection technologies that meet the specialized needs of cardiovascular disease treatment.
About Abbott Laboratories
Abbott Laboratories is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals, nutritionals, and medical products, including devices and diagnostics. The company employs more than 70,000 people and markets its products in more than 130 countries. In 2002, the company's sales were $17.7 billion.
Abbott's news releases and other information are available on the company's Web site at http://www.abbott.com.
Private Securities Litigation Reform Act of 1995 -- A Caution Concerning Forward-Looking Statements
Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Exhibit 99.1 of our Securities and Exchange Commission Form 10-Q for the period ended June 30, 2003, and are incorporated by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as the result of subsequent events or developments.
SOURCE Abbott Laboratories
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