Abbott acquisition of St Jude Medical set to close on 4 January

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Abbott has announced its intention to close the acquisition of St Jude Medical on Wednesday, 4 January 2017. The announcement follows receipt of all regulatory clearances necessary for closing.

An Abbott press release states that the transaction establishes Abbott as “a leader in the medical device arena and provides expanded opportunities for future growth”. The addition of St Jude Medical is “an important part of the company’s ongoing effort to develop a strong, diverse portfolio of devices, diagnostics, nutritionals and branded generic pharmaceuticals,” the press release continues.

“We continue to deliberately shape our business for long-term success by securing leadership positions in attractive markets and focusing on customer needs,” said Miles D White, chairman and chief executive officer of Abbott. “This philosophy has served as the foundation for significant and sustainable value creation for our shareholders. The addition of St Jude Medical creates one of the broadest medical device portfolios in the world and provides a steady stream of new technologies and therapies for many years to come.”