ABBOTT PARK, Ill., Jan. 16, 2019
/PRNewswire/ -- Abbott (NYSE: ABT) announced today that
it has exercised its option to purchase Cephea Valve Technologies,
Inc., a privately held medical device company developing a
less-invasive heart valve replacement technology for people with
mitral valve disease. Financial terms were not disclosed. Abbott
provided capital and secured an option to purchase Cephea in
2015.
Cephea's technology is being developed to provide an option for
people whose diseased mitral valves need to be replaced. The
artificial valve is designed to be delivered through a vein in the
leg, forgoing the need for open-heart surgery. Replacement of the
diseased mitral valve restores normal blood flow through the
heart.
"The acquisition of Cephea builds on Abbott's strong position in
structural heart therapies and is consistent with our strategy to
develop comprehensive treatments for people with mitral valve
disease," said Michael Dale, vice
president of Abbott's structural heart business. "Cephea's novel
approach to replace the mitral valve adds to our other
catheter-based technologies and is being developed to provide an
additional option for patients who suffer from this
difficult-to-treat disease."
Mitral valve disease is the most common heart valve problem,
affecting more than 4 million people in the U.S. alone. It comes in
two forms: regurgitation, a condition where blood leaks backward
into the heart, or, less commonly, stenosis, a narrowing of the
valve. The condition puts people at risk for health complications
such as irregular heartbeats, high blood pressure, blood clots or
heart failure.
Abbott has led the development of minimally invasive solutions
for mitral valve disease since 2009 when it acquired Evalve, Inc.,
with its MitraClip technology. MitraClip, the
first-of-its-kind product to repair leaky heart valves, launched in
Europe in 2008 and the U.S. in
2013 and remains the only mitral valve repair device of its kind on
the market.
In 2015, Abbott expanded its portfolio by
acquiring Tendyne Holdings, Inc. and securing an option to
acquire Cephea Valve Technologies, companies that are both
developing minimally invasive devices intended to fully replace the
mitral valve in the heart. Minimally invasive mitral valve
procedures are expected to become a multi-billion-dollar market in
the coming years. In addition, Abbott acquired St. Jude
Medical in 2017, adding to the company's expertise and
offerings to treat structural heart disease.
About Abbott:
Abbott is a global healthcare company
devoted to improving life through the development of products and
technologies that span the breadth of healthcare. With a portfolio
of leading, science-based offerings in diagnostics, medical
devices, nutritionals and branded generic pharmaceuticals, Abbott
serves people in more than 150 countries and employs approximately
99,000 people.
Visit Abbott at www.abbott.com and connect with us on
Twitter at @AbbottNews.
— 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 Item 1A, "Risk Factors" to our Annual Report on
Securities and Exchange Commission Form 10-K for the year
ended Dec. 31,
2017, and are incorporated by reference. Abbott
undertakes no obligation to release publicly any revisions to
forward-looking statements as a result of subsequent events or
developments, except as required by law.
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SOURCE Abbott