Abbott Laboratories to Acquire Cardiovascular Systems At Equity Value of $890 Million

By Kathryn Hardison

Abbott Laboratories plans to acquire medical-device company Cardiovascular Systems Inc. in a deal that will boost Abbott's vascular disease offerings.

Under the terms, Cardiovascular Systems stockholders will receive $20 per common share at a total expected equity value of about $890 million, the companies said Wednesday.

Cardiovascular Systems, or CSI, specializes in devices for atherectomy, a minimally invasive treatment for plaque build-up in arteries that can restrict blood flow, the companies said. It also has an early-stage pipeline of complementary vascular intervention devices in development.

The transaction, which has been approved by the boards of directors of CSI and Abbott, is subject to the approval of CSI stockholders and applicable regulatory approvals.

J.P. Morgan Securities LLC is serving as financial adviser to CSI.

Write to Kathryn Hardison at [e-mail]

(END) Dow Jones Newswires

02-08-23 1837ET