Abbott Laboratories (NYSE: ABT) and Cardiovascular Systems, Inc. (CSI) have reached a deal that will see Abbott acquire CSI, a medical device company with a revolutionary atherectomy system used to treat coronary and peripheral artery diseases. Stockholders of CSI will receive $20 per common share, resulting in a total equity value of approximately $890 million. With this acquisition, Abbott will be able to expand its product offering and provide better care to patients suffering from heart-related illnesses.
CSI is championing the way in vascular care with their cutting-edge atherectomy devices. Through a minimally invasive procedure, these devices are helping to clear away plaque buildup in arteries and restore blood flow in even the most complex of cases. Plus, CSI is working on even more innovations to bring the highest quality of care to patients.
Abbott is excited to announce the acquisition of CSI, a leading atherectomy system provider, to add new, complementary technologies to its existing vascular device offerings. With the addition of this talented and experienced team, Abbott is now able to offer physicians an even wider range of tools to help their patients live fuller lives. Lisa Earnhardt, executive vice president of Medical Devices, Abbott, says: “We are thrilled to welcome CSI to the Abbott family and are excited about the potential of this acquisition.”
We are delighted to have come to an agreement with Abbott, a world-leading company that shares our passion for treating complex peripheral vascular and coronary artery disease with innovative solutions. We are confident that this combination will bring great value to our patients, physicians, employees, and stockholders, while furthering our mission to save lives and limbs every day.
Financial Impact of Transaction
Upon closing, the transaction is expected to have no impact on Abbott’s recently issued 2023 ongoing earnings per share guidance, creating a neutral outcome.
The boards of directors of both CSI and Abbott have approved a transaction that, upon satisfaction of customary closing conditions and the approval of CSI stockholders, will be finalized. These customary conditions include necessary regulatory approvals.
J.P. Morgan Securities LLC is playing a key role in CSI’s success, acting as their financial advisor. With their expertise and guidance, CSI is poised to reach new heights.
About Abbott
At Abbott, we are committed to helping people live their best lives at every stage. Our diverse range of life-changing products and technologies cover the entire healthcare spectrum, from diagnostics to medical devices, nutritionals to branded generic medicines. With 115,000 colleagues across more than 160 countries, our global reach is unparalleled in the healthcare industry.