Abbott agrees takeover of St Jude Medical

Abbott has announced the acquisition of St Jude Medical, a deal that will create a new leader in the field of medical devices.

The $25 billion (17.21 billion pounds) deal is expected to close in the final quarter of the year and will produce a combined organisation with an industry-leading pipeline of cardiovascular, diabetes, vision and neuromodulation offerings.

It will boast top positions in high-growth cardiovascular markets, including atrial fibrillation, structural heart and heart failure, as well as a leading position in the high-growth neuromodulation sector.

Key products that are due for launch this year include St Jude Medical's EnSite Precision next-generation cardiac mapping system and Proclaim Elite recharge-free spinal cord stimulation system, as well as Abbott's FreeStyle Libre glucose monitoring device and Tecnis Symfony intraocular lens.

Miles White, chairman and chief executive officer of Abbott, said: "The combined business will have a powerful pipeline ready to deliver next-generation medical technologies and offer improved efficiencies for healthcare systems around the world."