Abbott pays $310M for stent developer

Abbott plans to buy IDEV Technologies for $310 million, a move that will expand Abbott’s portfolio of stents for treating peripheral artery disease.

Webster, Texas-based IDEV Technologies develops endovascular technologies such as the SUPERA Veritas, a self-expanding nitinol stent system that received CE mark as a treament for PAD and was launched in Europe in 2010. In the U.S., the stent system was cleared in 2011 for palliative treatment of biliary strictures produced by malignant neoplasms. The FDA is reviewing the technology under Premarket Approval Application for treatment of the superficial femoral artery.

Abbott said it would purchase IDEV Technologies for $310 million net of cash and debt. The deal is expected close by the end of this year. Abbott is based in Abbott Park, Ill.