Abbott to buy heart-device maker

Sept. 10, 2009 Sign up for alerts on this company

(AP) — Drug and medical device maker Abbott Laboratories said Thursday it will buy heart device maker Evalve Inc. in a deal worth as much as $410 million.

Abbott said it will pay $320 million upfront for the Menlo Park, Calif., heart device maker, and another $90 million based on approvals for potential products. Evalve makes devices that are used to repair the mitral valve of the heart, which controls blood flow from the left atrium, or upper chamber, to the left ventricle.

Evalve said its MitraClip system can treat mitral regurgitation — a condition in which the mitral valve does not close completely — without open heart surgery. The device is approved for sale in Europe and is being tested in the United States.

Abbott, of North Chicago, said it expects the deal to close in the fourth quarter and said it will not change the company’s annual guidance. In aftermarket trading, Abbott shares were unchanged at $46.87.

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