Abbott completes $410M purchase of mitral valve repair developer

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Abbott has completed its acquisition of Evalve, a developer of devices for minimally invasive repair of mitral valves.

The acquisition provides Abbott with a presence in the growing area of non-surgical treatment for structural heart diseases. According to the company, Evalve's minimally invasive catheter-based MitraClip system is approved in Europe for non-surgical mitral valve repair for patients suffering from mitral regurgitation due to their mitral valve not closing completely.

The MitraClip system is an investigational device in the U.S., and is currently in clinical trials.

The Abbott Park, Ill.-based Abbott acquired the remaining outstanding equity of Evalve that it did not already own for an upfront payment of $320 million, plus a $90 million payment if certain regulatory milestones are met.