"Combining Evalve's first in class mitral valve repair technology with Abbott's global presence, commercial infrastructure and manufacturing expertise will help advance minimally invasive treatment options for the millions of patients with mitral regurgitation," said Robert Hance, senior vice president, vascular, Abbott. "We look forward to welcoming Evalve as a key part of Abbott's vascular business."
"Patients in Europe have benefited from having access to the MitraClip technology since it received CE Mark last year," said Ferolyn Powell, president and chief executive officer of Evalve, who will continue to lead the Evalve team and will report to Hance after the acquisition closes. "We look forward to becoming a part of Abbott and working together to accelerate our business and expand our global reach to patients around the world with our minimally invasive technologies."
Under the terms of the agreement, Abbott will acquire the remaining 90 percent of outstanding equity of Evalve, Inc. that it does not already own for an upfront payment of $320 million, plus a $90 million payment if certain regulatory milestones are met. The transaction does not impact Abbott's previously issued earnings-per-share guidance for 2009.
The transaction is subject to customary closing conditions, including antitrust clearances. Abbott expects the transaction to close in the fourth quarter of 2009.
About Evalve, Inc.
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