Medtech giant Abbott is buying New Brighton-based Cardiovascular Systems Inc. for $890 million, expanding its portfolio in treating artery disease.
Cardiovascular Systems (CSI) specializes in atherectomy, a minimally invasive treatment for plaque build-up in arteries that can restrict blood flow. CSI shareholders will receive $20 per share as a part of the deal, pending necessary approvals.
"The acquisition of CSI will add new, complementary technologies to Abbott's leading vascular device offerings," Lisa Earnhardt, Abbott's executive vice president of medical devices, said in a statement. "CSI has a talented and experienced team and a leading atherectomy system that will allow Abbott to provide physicians more tools to help patients live fuller lives."
Started in 1989, CSI primarily has sold a single core product — the Diamondback 360 Peripheral Orbital Atherectomy System — and supporting guidewires and catheters. Physicians use the hand-held device to treat patients with arterial calcium.
With several other companies also making atherectomy devices, including Medtronic and Boston Scientific, CSI had been working to expand its offerings.
"We are pleased to have reached an agreement with a leading global company that shares our passion for the development and commercialization of innovative solutions for treating complex peripheral vascular disease and coronary artery disease," said Scott Ward, CSI's chairman and CEO.
The companies jointly announced the deal Wednesday evening.
Abbott and CSI do not have an estimate for the closing of the transaction.
