Abbott announced on 21 August 2013 that it has completed its acquisition of IDEV Technologies, a privately held company focused on developing next-generation medical devices for use by interventional radiologists, vascular surgeons and interventional cardiologists.
The acquisition expands Abbott’s global peripheral technology portfolio with IDEV Technologies’ Supera Veritas self-expanding nitinol stent system. Supera Veritas has the CE mark in Europe for treating blockages in blood vessels due to peripheral arterial disease. In the USA, Supera Veritas is cleared only for the treatment of biliary strictures related to cancer. It is currently being reviewed under a premarket approval application by the FDA for treatment of the superficial femoral artery, and is not currently approved in the US for that use.
With its proprietary interwoven wire technology, Supera Veritas is designed based on biomimetic principles—attempting to mimic the body’s natural movement—to promote blood flow in the treated area while offering strength and flexibility.
“Peripheral artery disease is a significant and growing health concern around the world, raising the need for new and effective treatment options,” said Chuck Foltz, senior vice president, vascular, Abbott. “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.”
Abbott acquired all outstanding equity of IDEV Technologies for US$310 million net of cash and debt.