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Tuesday, January 10, 2017

Abbott plans to wrap up St. Jude Medical deal

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abbott announced it intends to close the acquisition of St. Jude Medical, Inc. recently. The announcement follows receipt of all regulatory clearances necessary for closing. 

The transaction establishes Abbott as a leader in the medical device arena and provides expanded opportunities for future growth. The addition of St. Jude Medical is an important part of the company's ongoing effort to develop a strong, diverse portfolio of devices, diagnostics, nutritionals and branded generic pharmaceuticals.  

"We continue to deliberately shape our business for long-term success by securing leadership positions in attractive markets and focusing on customer needs," said Miles D. White, chairman and chief executive officer, Abbott. "This philosophy has served as the foundation for significant and sustainable value creation for our shareholders. The addition of St. Jude Medical creates one of the broadest medical device portfolios in the world and provides a steady stream of new technologies and therapies for many years to come."

St. Jude Medical's strong positions in fast-growing areas such as atrial fibrillation, heart failure, structural heart and chronic pain complement Abbott's leading positions in coronary interventions and mitral valve disease. Together, the company will compete in nearly every area of the $30 billion cardiovascular market and hold the No. 1 or 2 positions across large and high-growth cardiovascular device markets. This leading combined portfolio will have the depth, breadth, scale and innovation to help patients restore their health, improve outcomes and deliver greater value to customers and payors. Furthermore, the acquisition balances and strengthens the Abbott portfolio, which includes leading positions across all of its four core businesses. 

Abbott will have a powerful pipeline across cardiovascular and neuromodulation patient care ready to deliver next-generation medical technologies and offer improved efficiencies for health care systems around the world. In fact, Abbott will continue to bring numerous new products to key markets during the coming years, including:

EnSite Precision (which received US FDA approval this month) next-generation cardiac mapping system to visualize and navigate catheters in the heart during ablation procedures

ConfirmRx Implantable Cardiac Monitor to help physicians remotely diagnose and treat the most difficult to detect cardiac arrhythmias

HeartMate 3, which offers physicians more options for patients with advanced stage heart failure

Portico Transcatheter Aortic Heart Valves for patients with severe aortic stenosis – the narrowing of the aortic valve that obstructs blood flow from the heart

Proclaim DRG system and other stimulation waveform technologies to provide more options for patients with chronic pain

Absorb, the world's first bioresorbable coronary stent and MitraClip, the world's first transcatheter mitral-valve repair device in additional countries.

"Customers today want partners who offer breakthrough technologies along with a broad portfolio of solutions to help them better care for their patients," said White. "Our powerful and complementary medical device portfolio and industry-leading new product pipeline will help us be that partner, uniquely positioning us to win in the marketplace."

Together, the combined cardiovascular and neuromodulation portfolio has annual sales of approximately $8.7 billion.

The acquisition of St. Jude Medical is expected to be accretive to Abbott's adjusted earnings per share in the first full year and increasing thereafter, with approximately 21 cents of accretion in 2017 and an estimated 29 cents in 2018. The combination is anticipated to result in annual pre-tax synergies of $500 million by 2020, including both sales and operational benefits.


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