Press Release Abbott to Acquire Evalve, Inc., a Leader in Minimally Invasive Cardiac Valve Repair Technology Acquisition Expands Vascular Portfolio, Provides Abbott with Global Leadership Position in Non-Surgical Treatment Option for Structural Heart Repair
September 10, 2009
Abbott Park, Illinois and Menlo Park, California — Abbott (NYSE: ABT) announced today a definitive agreement to acquire the outstanding equity of Evalve, Inc., the global leader in the development of devices for minimally invasive repair of cardiac mitral valves. The acquisition provides Abbott with a presence in the growing area of non-surgical treatment for structural heart disease, in which physicians use catheter-based devices to repair or replace basic structural components of the heart such as mitral and aortic valves. The agreement includes an upfront payment of $320 million in cash, plus an additional payment upon completion of certain regulatory milestones, for a total of up to $410 million.