By Grant McCormick, The Chicago Times
February 9, 2023
ABBOTT PARK, IL – Abbott announced on Wednesday that it has reached an agreement to acquire medical device company Cardiovascular Systems, Inc. CSI owns rights to an innovative atherectomy system used in treating peripheral and coronary artery disease.
According to the agreement CSI stockholders will receive $20 per common share at a total expected equity value of approximately $890 million.
CSI leads the industry in devices for atherectomy, a minimally invasive treatment for plaque build-up in arteries that can restrict blood flow. Procedural use of atherectomy can maximize the benefits of standard balloon angioplasty or stent treatments in restoring blood flow for patients with heart disease.
“The acquisition of CSI will add new, complementary technologies to Abbott’s leading vascular device offerings. CSI has a talented and experienced team and a leading atherectomy system that will allow Abbott to provide physicians more tools to help patients live fuller lives.” 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 commercialization of innovative solutions for treating complex peripheral vascular disease and coronary artery disease. We believe combining with Abbott delivers value to our patients, physician customers, employees and stockholders while continuing our work to save limbs and save lives every day.” said Scott Ward, CSI’s chairman, president and chief executive officer.
The transaction has been approved by the board of directors of both CSI and Abbott, but is subject to the approval of CSI stockholders and regulators.
The Chicago Times 