ABBOTT PARK, Ill. and ST. PAUL, Minn and St. Jude Medical, Inc. announced today an agreement in principle to sell certain products to Terumo Corporation.
The transaction reflects a purchase price of approximately $1.12 billion and is subject to the successful completion of Abbott’s acquisition of St. Jude Medical and antitrust regulatory approvals. Abbott, St. Jude Medical and Terumo are bound by the terms of an exclusivity agreement.
The divestiture is an all-cash transaction and will include the products globally for St. Jude Medical’s Angio-Seal™ and Femoseal™ vascular closure products and Abbott’s Vado® Steerable Sheath. Abbott will retain its vascular closure products, which include the Perclose ProGlide® Suture-Mediated Closure System, StarClose SE® Vascular Closure System and Prostar® XL Percutaneous Vascular Surgical System.
Following Abbott’s acquisition of St. Jude Medical, the combined business will compete in nearly every area of the cardiovascular market and hold top positions in high-growth segments, including atrial fibrillation, structural heart and heart failure, as well as a leading position in the high-growth neuromodulation market. This combined portfolio will have the depth, breadth and innovation to help patients restore their health, reduce costs for payors and deliver greater value to customers.
Abbott expects to mitigate any impact to its adjusted earnings per share projections related to the sale of these assets to Terumo