Abbott closes $890m acquisition of Cardiovascular Systems
Abbott has closed the previously announced $890 million acquisition of Cardiovascular Systems, Inc. (CSI), which has developed an atherectomy system for the treatment of peripheral and coronary artery disease.
As per the terms of the deal announced in February 2023, Cardiovascular Systems’ stockholders were offered $20 per share by Abbott.
Cardiovascular Systems, which was trading on Nasdaq prior to the deal, has now become a fully-owned subsidiary of the healthcare major.
Based in Minnesota, Cardiovascular Systems is engaged in making devices for atherectomy, which is a minimally invasive treatment for plaque build-up in arteries that can curb the flow of blood.
Abbott closes $890m acquisition of Cardiovascular Systems. Photo courtesy of Abbott.
Atherectomy may enhance the efficacy of traditional balloon angioplasty or stent procedures to restore blood flow in complicated arterial diseases.
Cardiovascular Systems has an early-stage pipeline of complementary intervention devices as well that are in the process of being developed.
Lisa Earnhardt — Abbott executive vice president of Medical Devices said: “For patients with complex cardiovascular disease, new and innovative therapies such as CSI’s leading atherectomy system are an opportunity to live better, fuller lives.
“The acquisition of CSI is a component of an overall investment in our vascular portfolio that enhances our ability to care for patients with peripheral and coronary artery disease.”