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MarketScreener Homepage  >  Equities  >  Nyse  >  Abbott Laboratories    ABT

ABBOTT LABORATORIES

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Exclusive: U.S. regulator poised to approve Abbott purchase of St Jude - sources

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12/22/2016 | 11:34am EST
The ticker and trading information for St. Jude Medical is displayed where the stock is traded on the floor of the NYSE

WASHINGTON (Reuters) - U.S. antitrust enforcers are poised to approve health care company Abbott Laboratories' (>> Abbott Laboratories) purchase of medical device maker St. Jude Medical Inc (>> St. Jude Medical, Inc.), two sources knowledgeable about the deal said on Thursday.

WASHINGTON (Reuters) - U.S. antitrust enforcers are poised to approve health care company Abbott Laboratories' (>> Abbott Laboratories) purchase of medical device maker St. Jude Medical Inc (>> St. Jude Medical, Inc.), two sources knowledgeable about the deal said on Thursday.

Approval from the U.S. Federal Trade Commission could come as soon as this week or next, said the sources, who spoke anonymously to protect business relationships.

European antitrust enforcers approved the deal in November on the condition that the companies divest two devices used in cardiovascular treatments.

It was not immediately known what conditions the FTC would require but Abbott said in October the companies would sell some of their medical devices to Japan-based Terumo Corp (>> Terumo Corp) for about $1.12 billion as a step toward completing the deal.

Abbott has said the $25 billion deal will help it compete better with larger rivals Medtronic Plc (>> Medtronic PLC) and Boston Scientific Corp (>> Boston Scientific Corporation) as hospitals look to cut the number of suppliers.

St. Jude has been under pressure after short-seller Muddy Waters and research firm MedSec Holdings alleged in August that its heart devices were riddled with defects that make them vulnerable to cyber hacks. St. Jude has denied the allegations and sued both firms.

In October, St. Jude said it had notified doctors to stop implants of one of its cardiac pacemakers, the Nanostim leadless cardiac pacemaker, citing reports of problems with electronic data reporting caused by a battery malfunction that could put patients at risk.

There have been no reports of patient injuries associated with the malfunction, St. Jude said.

Abbott has been divesting businesses to focus on its cardiovascular devices and diagnostics business, selling its medical optics division to Johnson & Johnson (>> Johnson & Johnson) for $4.3 billion earlier this year. It spun off its pharma business as AbbVie Inc (>> AbbVie Inc) in 2013.

Abbott is trying to pull out of a second deal, a $5.8 billion dollar acquisition of diagnostic test maker Alere Inc (>> Alere Inc) after Alere failed to file financial statements and disclosed probes into billing and foreign sales practices. The two companies are suing each other.

(Additional reporting by Caroline Humer; Editing by Jeffrey Benkoe)

By Diane Bartz

Stocks mentioned in the article
ChangeLast1st jan.
ABBOTT LABORATORIES 0.28% 85.48 Delayed Quote.18.18%
ABBVIE 0.30% 86.98 Delayed Quote.-5.65%
BOSTON SCIENTIFIC CORPORATION 1.90% 44.08 Delayed Quote.24.73%
JOHNSON & JOHNSON 0.59% 140.38 Delayed Quote.8.78%
MEDTRONIC PLC 0.79% 113.09 Delayed Quote.24.33%
TERUMO CORPORATION -0.52% 3849 End-of-day quote.-36.65%
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Financials (USD)
Sales 2019 31 851 M
EBIT 2019 7 153 M
Net income 2019 3 655 M
Debt 2019 13 029 M
Yield 2019 1,48%
P/E ratio 2019 40,8x
P/E ratio 2020 33,8x
EV / Sales2019 5,16x
EV / Sales2020 4,62x
Capitalization 151 B
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Number of Analysts 21
Average target price 93,29  $
Last Close Price 85,48  $
Spread / Highest target 28,7%
Spread / Average Target 9,14%
Spread / Lowest Target -18,1%
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Managers
NameTitle
Miles D. White Chairman & Chief Executive Officer
Robert B. Ford President & Chief Operating Officer
Brian Bernard Yoor Chief Financial Officer & Executive VP-Finance
Roxanne Schuh Austin Independent Director
Samuel C. Scott Independent Director
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