Abbott has acquired the remaining outstanding equity of Evalve that it did not already own for an upfront payment of $320m, plus a $90m payment if certain regulatory milestones are met. The acquisition is expected to provide Abbott with a better presence in the growing area of non-surgical treatment for structural heart disease.
The acquisition of Evalve is one of six strategic acquisitions initiated by Abbott in the past 12 months to bolster long-term growth across its broad base of businesses through diversification of product portfolios, addition of new technology and expansion into key global emerging markets.
Evalve’s minimally invasive catheter-based MitraClip system is the commercially available treatment option approved in Europe for non-surgical mitral valve repair for patients suffering from the effects of mitral regurgitation.
Robert Hance, senior vice president of vascular at Abbott, said: “Evalve’s innovative valve repair technology gives us the potential to provide new treatment options for millions of patients with mitral regurgitation around the world.”