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Abbott to acquire St. Jude Medical
Global healthcare company Abbott has entered into an agreement to acquire medical device manufacturer - St. Jude Medical, in a deal valued at USD 25 billion.
The combined company will have a strong pipeline expected to deliver a steady stream of new medical device products across cardiovascular, diabetes, vision and neuromodulation patient care. St. Jude Medical's strong positions in heart failure devices, atrial fibrillation and cardiac rhythm management complement Abbott's positions in coronary intervention and transcatheter mitral repair. "Bringing together these two great companies will create a premier medical device business and immediately advance Abbott's strategic and competitive position," said Miles D. White, chairman and chief executive officer, Abbott. "The combined business will have a powerful pipeline ready to deliver next-generation medical technologies and offer improved efficiencies for health care systems around the world." "Our combined scale will expand the global reach, competitiveness and impact of our medical device innovation for physicians and hospitals. This transaction provides our shareholders with immediate value and the opportunity to participate in the significant upside potential of the combined organization. I'd like to thank our 18'000 employees whose hard work and commitment help us deliver leading medical technologies to patients around the world," said Michael T. Rousseau, St. Jude Medical president and chief executive officer.