St Jude Medical and Abbott to sell certain assets to Terumo

St Jude Medical and Abbott have agreed the sale of certain products to Terumo, a move that will facilitate the completion of Abbott's takeover of St Jude Medical.

The $1.12 billion (916.21 billion pounds) deal will include assets from both companies' vascular closure and electrophysiology businesses, subject to the successful completion of the Abbott/St Jude Medical transaction.

It will encompass St Jude Medical's Angio-Seal and Femoseal vascular closure products and Abbott's Vado Steerable Sheath, with Abbott to retain its vascular closure assets, including the Perclose ProGlide suture-mediated closure system, StarClose SE vascular closure system and Prostar XL percutaneous vascular surgical system.

Following the completion of the St Jude Medical takeover, the combined business that Abbott will create is to focus on the cardiovascular market, holding leading positions in high-growth segments such as atrial fibrillation, structural heart and heart failure.

St Jude Medical also announced its financial results for the third quarter of 2016 this week, reporting a net sales total of $1.5 billion – a 12 percent year-on-year increase.

Michael Rousseau, St Jude Medical's president and chief executive officer, said: "Our focus is on bringing new technology to patients in the fourth quarter and throughout 2017 that will elevate current standards of care, while reducing the cost of healthcare."

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