Abbott completes takeover of Topera

Abbott has announced the completion of its takeover of medical technology firm Topera, a deal valued at an initial $250 million (160.82 million pounds).

The venture capital-backed company is focused on the development of innovative electrophysiology technologies to improve the diagnosis and treatment of the common heart rhythm disorder atrial fibrillation.

In recent years, the catheter-based electrophysiology market that has been growing annually at double-digit rates and is now worth around $3 billion, making this a strategically important acquisition for Abbott.

Topera has developed a novel diagnostic catheter and mapping software system that can be used to target patient-specific rotors that sustain atrial fibrillation. The use of this technology has been associated with long-term treatment success.

Dr John Capek, executive vice-president for medical devices at Abbott, said: "The Topera acquisition gives Abbott a foundational entry in the large, high-growth electrophysiology market with breakthrough technologies that can transform how physicians treat people with complex heart rhythm disorders."

This comes after the firm commenced the acquisition of the Chilean business CFR International earlier this month.