Abbott completes $850M acquisition of Minnesota-based Cardiovascular Systems
Abbott has completed its acquisition of Cardiovascular Systems (CSI), a Minnesota-based healthcare technology company focused on treating peripheral artery disease (PAD) and coronary artery disease (CAD).
When the deal was first announced back in February, it was believed to be worth approximately $890 million. According to a new Star Tribune report, however, the deal was worth approximately $850 million.
The deal represents a significant addition to Abbott’s cardiovascular portfolio. CSI is known for its atherectomy devices, including the Diamondback 360 Coronary Orbital Atherectomy System for treating CAD and Diamondback 360 Peripheral Orbital Atherectomy System for treating PAD.
“For patients with complex cardiovascular disease, new and innovative therapies such as CSI's leading atherectomy system are an opportunity to live better, fuller lives,” Lisa Earnhardt, Abbott’s executive vice president of medical devices, said in a prepared statement. “The acquisition of CSI is a component of an overall investment in our vascular portfolio that enhances our ability to care for patients with peripheral and coronary artery disease.”
CSI is now a wholly owned subsidiary of Abbott.
“We are pleased to have reached an agreement with a leading global company that shares our passion for the development and commercialization of innovative solutions for treating complex peripheral vascular disease and coronary artery disease,” Scott Ward, CSI's chairman, president and CEO, said in a statement back in February. “We believe combining with Abbott delivers value to our patients, physician customers, employees and stockholders while continuing our work to save limbs and save lives every day.”
In September 2021, Abbott acquired another vascular device company, California-based Walk Vascular. The financial details of that deal were not made public.
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.