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Abbott Laboratories to Acquire Cardiovascular Stent Business Of Biocompatibles International Plc; - Acquisition Strengthens Abbott''s Position in the $2.3 Billion Coronary Stent Market with Proprietary Coating Technology -.

Publication: PR Newswire
Publication Date: 18-MAR-02 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
ABBOTT PARK, Ill. -- Abbott Laboratories and Biocompatibles International plc today announced that the companies have entered into a definitive agreement for Abbott to acquire the cardiovascular stent business of Biocompatibles. Under the terms of the agreement, Abbott will acquire the business for approximately $234.5 million in cash. The transaction is expected to be completed in the second quarter of 2002, subject to regulatory approvals and customary closing conditions.

"We are pleased to add Biocompatibles' proprietary technology, state-of-the-art manufacturing and development capabilities to our company," said Christopher B. Begley, senior vice president, hospital products, Abbott Laboratories. "This strategic acquisition strengthens Abbott's platform in the vascular business by enhancing our worldwide presence and augmenting our existing work to develop and commercialize innovative new products."

In 1999, Abbott and Biocompatibles signed a multi-year agreement for Abbott to exclusively...

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