Abbott denies report of $25B bid for St. Jude Medical

Abbott Laboratories denied a Financial Times report that it was prepared to bid $25 billion to acquire St. Jude Medical. St. Jude, which is based in Minnesota, declined to comment when contacted by the Minneapolis Star Tribune.

Since 2008, the companies have had an alliance in which they jointly sell U.S. hospitals a portfolio of products in interventional cardiology, cardiac rhythm management, electrophysiology and intravascular imaging and diagnostic technologies.

In July, St. Jude Medical agreed to acquire Thoratec for approximately $3.4 billion to expand its heart failure business.