Abbott completes acquisition of Idev Technologies

Abbott has announced the completion of its takeover of Idev Technologies in a deal worth $310 million (200.19 million pounds).

The privately-held company is focused on developing next-generation medical devices for use by interventional radiologists, vascular surgeons and interventional cardiologists, with the takeover helping Abbott to expand its global peripheral technology portfolio.

Idev Technologies is known as the creator of the Supera Veritas self-expanding nitinol stent system, which is approved in Europe for the treatment of blockages in blood vessels due to peripheral artery disease.

Currently, the device is only ratified for use in the treatment of biliary strictures related to cancer in the US, but the manufacturer has already submitted a regulatory application to expand its indication.

Chuck Foltz, senior vice-president for Abbott's vascular division, said: "Abbott's acquisition of Idev Technologies strengthens our global product portfolio while providing an additional opportunity to make a positive impact in the lives of patients with peripheral artery disease."

This comes after the firm also announced the completion of its takeover of OptiMedica last week.