January 5, 2017 — Abbott announced it completed the acquisition of St. Jude Medical Inc. The transaction provides Abbott with expanded opportunities for future growth and is an important part of the company's ongoing effort to develop a stronger, diverse portfolio of medical device technology.
"Abbott has a strong track record of successfully integrating dozens of businesses on a global scale and accelerating growth," said Miles D. White, chairman and chief executive officer, Abbott. "The addition of St. Jude Medical strengthens our global medical device leadership while offering innovative products to address more areas of care, in more physicians' offices and hospitals around the world."
Pursuant to the terms of the merger agreement, upon completion of the acquisition, St. Jude Medical became a wholly-owned subsidiary of Abbott. As a result of the completion of the acquisition, Jan. 4, 2017, was the last day of trading of St. Jude Medical shares on the New York Stock Exchange.
St. Jude Medical's strong positions in fast-growing areas such as atrial fibrillation, heart failure, structural heart and chronic pain complement Abbott's leading positions in coronary interventions and mitral valve disease. Together, the company will compete in nearly every area of the $30 billion cardiovascular market and hold the No. 1 or 2 positions across large and high-growth cardiovascular device markets. This leading combined portfolio will have the depth, breadth, scale and innovation to help patients restore their health, improve outcomes and deliver greater value to customers and payors. The acquisition also balances and strengthens the Abbott portfolio, which includes leading positions across all of its four core businesses.
Abbott said it will have a powerful pipeline across cardiovascular and neuromodulation patient care ready to deliver next-generation medical technologies and offer improved efficiencies for healthcare systems around the world. Abbott said it will continue to bring numerous new products to key markets during the coming years, including:
• EnSite Precision (which received U.S. FDA approval last month) next-generation cardiac mapping system to visualize and navigate catheters in the heart during ablation procedures.
• ConfirmRx Implantable Cardiac Monitor to help physicians remotely diagnose and treat the most difficult to detect cardiac arrhythmias.
• HeartMate 3, which offers physicians more options for patients with advanced stage heart failure.
• Portico Transcatheter Aortic Heart Valves for patients with severe aortic stenosis.
• Proclaim DRG system and other stimulation waveform technologies to provide more options for patients with chronic pain.
• Absorb, the world's first bioresorbable coronary stent.
• MitraClip, the world's first transcatheter mitral-valve repair device in additional countries.
"We continue to deliberately shape our business for long-term success by securing leadership positions in attractive markets and focusing on customer needs," White said. "This philosophy has served as the foundation for significant and sustainable value creation for our shareholders. The addition of St. Jude Medical creates one of the broadest medical device portfolios in the world and provides a steady stream of new technologies and therapies for many years to come."
Abbott is a global healthcare company with a portfolio of offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals. Abbott serves people in more than 150 countries and employs approximately 74,000 people.
For more information: www.abbott.com