Abbott to pay approximately $890 million for Cardiovascular Systems

by John R. Fischer, Senior Reporter | February 13, 2023
Business Affairs
CSI's Diamondback 360 Coronary Orbital Atherectomy System (Photo courtesy of CSI)
Abbott will pay approximately $890 million to acquire Cardiovascular Systems (CSI), the developer of an atherectomy system for peripheral and coronary artery disease.

Atherectomy is a minimally invasive treatment for plaque build-up that restricts blood flow in the arteries, and enhances the efficiency of standard balloon angioplasty and stent treatments in complex arterial disease.

CSI’s Diamondback 360 Coronary Orbital Atherectomy System applies centrifugal force and differential sanding to reduce arterial calcium into tiny particulates that are smaller than red blood sells and capillary vessels. This allows for stents to then be applied more easily.

Abbott will pay CSI stockholders $20 per common share.

"The acquisition of CSI will add new, complementary technologies to Abbott's leading vascular device offerings," said Lisa Earnhardt, executive vice president of medical devices for Abbott.

Additionally, CSI is developing an early-stage pipeline of complementary vascular intervention devices.

In February 2022, it partnered with Innova Vascular to develop a full line of novel thrombectomy devices for peripheral vascular disease, including deep vein thrombosis and pulmonary embolism.

"We believe combining with Abbott delivers value to our patients, physician customers, employees and stockholders, while continuing our work to save limbs and save lives every day,” said Scott Ward, CSI's chairman, president and chief executive officer.

Both companies’ boards of directors have approved the deal.

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