Abbott has entered into a definitive agreement to acquire Cardiovascular Systems Inc. (CSI), a Minnesota-based healthcare technology company focused on treating peripheral artery disease (PAD) and coronary artery disease (CAD). The deal is worth approximately $890 million, and CSI’s stock price was up significantly after the announcement.
The acquisition will clearly help Abbott expand its 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.
“The acquisition of CSI will add new, complementary technologies to Abbott's leading vascular device offerings,” Lisa Earnhardt, Abbott’s executive vice president of medical devices, said in a prepared statement. “CSI has a talented and experienced team and a leading atherectomy system that will allow Abbott to provide physicians more tools to help patients live fuller lives.”
One of CSI's Diamondback 360 atherectomy devices grinding through a calcified coronary lesion. Image courtesy of CSI.
“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,” added Scott Ward, CSI's chairman, president and chief executive officer. “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.”
Once the deal has been finalized, CSI stockholders will receive $20 for each common share. The transaction has already been approved by both the Abbott Board of Directors and CSI Board of Directors.
In September 2021, Abbott acquired another vascular device company, Walk Vascular, though the financial details of that deal were not made public.
Michael has more than 16 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.