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Abbott to acquire Evalve Inc

Abbott is to acquire the outstanding equity (90 per cent) of devices company Evalve

Abbott is to acquire the outstanding equity (90 per cent) of Evalve, the global leader in the development of devices for minimally invasive repair of cardiac mitral valves.

The acquisition puts Abbott in a strong position by providing it with leading technology in the emerging field of minimally invasive heart valve repair.

John M Capek, executive vice president of medical devices at Abbott said: "Evalve is on the cutting edge with its non-surgical approach to treating structural heart disease. With this breakthrough mitral valve repair technology, physicians will be able to offer their patients a minimally invasive alternative to open heart surgery – not unlike the opportunity that stents provided more than two decades ago for the treatment of coronary artery disease."

Mitral regurgitation is the most common type of heart valve insufficiency in Europe and the US and affects millions of people worldwide. Open heart surgery is the traditional treatment option.

Ferolyn Powell, president and CEO of Evalve, will continue to lead the Evalve team after the acquisition closes. Powell said: "We look forward to becoming a part of Abbott and working together to accelerate our business and expand our global reach to patients around the world with our minimally invasive technologies." Evalve's headquarters are in Menio Park, California.

14th September 2009

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