Abbott announces acquisition of IDEV Technologies

Abbott has announced the takeover of IDEV Technologies, a leading developer of next-generation medical devices for interventional radiology, vascular surgery and cardiology applications.

The $310 million (201.64 million pounds) deal is expected to close by the end of the year and will help to expand Abbott's global peripheral technology portfolio with the addition of several new products.

IDEV Technologies' range of offerings includes Supera Veritas, a self-expanding nitinol stent system for treating blockages in blood vessels due to peripheral artery disease, which has already received European CE Mark approval.

It has been studied in more than 1,500 patients in company and physician-sponsored trials around the world, including a trial to support regulatory filings in the US.

Chuck Foltz, senior vice-president for Abbott's vascular division, said: "This technology has the potential to make a significant impact on the treatment of patients who suffer from peripheral artery disease, a growing concern around the world."

The company also announced the acquisition of Silicon Valley-based ophthalmic device company OptiMedica this month.