Abbott, St. Jude Medical agree to sell vascular closure, electrophysiology assets
Abbott and St. Jude Medical announced Oct. 18 that the companies agreed to sell a portion of their vascular closure and electrophysiology business for $1.12 billion to Terumo Corporation.
The deal is subject to successful completion of Abbott’s proposed acquisition of St. Jude Medical, which was announced in April. Abbott agreed to buy St. Jude Medical in a stock and cash deal for approximately $25 billion. The companies said they expect the transaction to be completed by the end of the year.
Terumo Corporation, which is based in Japan, agreed to pay more than $1 billion in cash to acquire St. Jude Medical’s Angio-Seal and Femoseal vascular closure products and Abbott’s Vado steerable sheath. Abbott said it would retain its vascular closure products.
Terumo Corporation’s cardiovascular offerings include access and therapeutic devices, vascular grafts, intravascular imaging systems and cardiopulmonary bypass systems.
This is Abbott’s second divestiture in the past month. On Sept. 16, Abbott agreed to sell its vision care business to Johnson & Johnson for $4.33 billion in cash.
Executive Editor
Tim Casey joined TriMed Media Group in 2015 as Executive Editor. For the previous four years, he worked as an editor and writer for HMP Communications, primarily focused on covering managed care issues and reporting from medical and health care conferences. He was also a staff reporter at the Sacramento Bee for more than four years covering professional, college and high school sports. He earned his undergraduate degree in psychology from the University of Notre Dame and his MBA degree from Georgetown University.