Abbott Completes Asset Purchase of JOMED's Coronary and Peripheral ...
ABBOTT PARK, Ill., June 30 /PRNewswire-FirstCall/ -- Abbott announced it has completed the asset purchase of the coronary and peripheral interventional business line of the JOMED group for a cash purchase price of Euro 60 million. Abbott announced plans to acquire JOMED in May.
"This is a significant milestone in our efforts to build a global cardiovascular device business," said Robert B. Hance, vice president, vascular devices, hospital products, Abbott Laboratories. "We look forward to integrating the new products into our portfolio and welcoming our new colleagues to the Abbott Vascular Devices (AVD) family."
JOMED''s broad line of interventional cardiology and peripheral devices, which include stents, stent grafts, angioplasty balloon devices, and guiding and diagnostic catheters, will be integrated into AVD. These vascular products are used in the treatment of arterial obstructions in the coronary arteries, bypass grafts, lower extremities, kidneys and carotid arteries. Abbott currently markets complementary products in the vessel closure, coronary stent and embolic protection segments.
The JOMED asset purchase supports Abbott''s strategy to build an expansive array of vascular products. Specifically, it enhances AVD''s global research and development, manufacturing and commercial capabilities in the cardiovascular devices arena.
Abbott Vascular Devices will gain an experienced and dedicated sales force to market its current and future products, as well as a more substantial presence to complement its international infrastructure. The JOMED coronary and peripheral interventional business line has strong relationships with clinicians and institutions in more than 20 countries, further enabling AVD to provide patients and customers outside the United States with innovative vascular products. Abbott Vascular Devices also will gain sales, distribution and administrative offices including all associated employees and administrative assets and intellectual property in the peripheral and coronary cardiovascular devices arena.
About Abbott Vascular Devices
Abbott Vascular Devices, Abbott''s cardiovascular device franchise, headquartered in Redwood City, Calif., is a medical technology pioneer that combines its entrepreneurial spirit with Abbott''s pharmaceutical and hospital products heritage to deliver specialized treatment options that dramatically improve the care of people with cardiovascular disease. Abbott Vascular Devices brings the best of these backgrounds together to develop unique vessel closure, coronary stent, and peripheral and embolic protection technologies that meet the specialized needs of cardiovascular disease treatment.
About Abbott Laboratories
Abbott Laboratories is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals, nutritionals, and medical products, including devices and diagnostics. The company employs more than 70,000 people and markets its products in more than 130 countries. In 2002, the company''s sales were $17.7 billion.
Abbott''s news releases and other information are available on the company''s Web site at abbott.com .
Private Securities Litigation Reform Act of 1995 -- A Caution Concerning Forward-Looking Statements
Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott''s operations are discussed in Exhibit 99.1 of our 2002 Annual Report on Securities and Exchange Commission Form 10-K and are incorporated by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as the result of subsequent events or developments.
Abbott Laboratories
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