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Abbott gets green light for St. Jude Medical acquisition
Abbott intends to close the acquisition of St. Jude Medical, Inc., on Wednesday, Jan. 4, 2017. The announcement follows receipt of all regulatory clearances necessary for closing.
Together, the company will compete in nearly every area of the USD 30 billion cardiovascular market and hold the No. 1 or 2 positions across large and high-growth cardiovascular device markets. "We continue to deliberately shape our business for long-term success by securing leadership positions in attractive markets and focusing on customer needs. 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," said Miles D. White, chairman and chief executive officer, Abbott. "Customers today want partners who offer breakthrough technologies along with a broad portfolio of solutions to help them better care for their patients. Our powerful and complementary medical device portfolio and industry-leading new product pipeline will help us be that partner, uniquely positioning us to win in the marketplace," he continued.
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