Abbott and Cardiovascular Systems (CSI) have announced a definitive agreement for Abbott to acquire CSI. Under terms of the agreement, CSI stockholders will receive US$20 per common share at a total expected equity value of approximately US$890 million.
CSI is a leader in devices for atherectomy, the procedural use of which can help maximise the benefits of standard balloon angioplasty or stent treatments in restoring blood flow in complex arterial disease. CSI also has an early-stage pipeline of complementary vascular intervention devices in development.
“The acquisition of CSI will add new, complementary technologies to Abbott’s leading vascular device offerings,” said Lisa Earnhardt, executive vice president, Medical Devices, Abbott.
“We are pleased to have reached an agreement with a leading global company that shares our passion for the development and commercialisation of innovative solutions for treating complex peripheral vascular disease and coronary artery disease,” said Scott Ward, CSI’s chairman, president, and chief executive officer.
Financial impact of the transaction
Upon closing, the transaction is expected to be neutral to Abbott’s recently issued 2023 ongoing earnings per share guidance.
The transaction, which has been approved by the boards of directors of CSI and Abbott, is subject to the approval of CSI stockholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.
JP Morgan Securities LLC is serving as financial advisor to CSI.
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