July 30, 2013

Abbott Laboratories will acquire medical device startup

Technology mergers and acquisitions can have a significant impact on the industry in which they occur. For companies with a heavily reliant consumer base, strong business opportunities can be greatly beneficial to those customers. Health care organizations and medical facilities are one such example, as evolving technology is crucial to effective patient care.

Abbott Laboratories announced last week that it will acquire the Houston-based startup IDEV Technologies, a medical device company, for $310 million. According to an Abbott press release, IDEV develops equipment that radiologists, vascular surgeons and cardiologists use.

"The acquisition of IDEV Technologies will expand and complement Abbott's existing peripheral technology portfolio of guidewires, balloon dilatation catheters and stents, making it one of the most comprehensive and competitive portfolios in the industry," senior vice president Chuck Foltz said in the press release.

Foltz added that the technology has the potential to make a significant impact when treating patients who suffer from peripheral artery disease, which is a growing concern around the world.

One of IDEV's devices is SUPERA Veritas®, which helps treat blockages in blood vessels due to peripheral artery disease (PAD). Nearly 27 million North Americans and Europeans suffer from PAD, so this technology acquisition should have extremely positive ramifications for those patients.

IDEV chairman and CEO Christopher Owens explained to the online news source Xconomy that both companies are excited about the technology and its future. He added that now his firm will have "additional capabilities and strengths that can be brought to bear."

While Owens did not discuss details of how the acquisition will affect his company, he did tell Xconomy that the move is good for IDEV patients and customers.