A Medical Device Daily

Abbott Laboratories (Abbott Park, Illinois) reported that it has completed its acquisition of Evalve (Menlo Park, California) a company in the development of devices for minimally invasive repair of mitral valves.

The company first reported its intent to acquire Evalve in September (Medical Device Daily, Sept. 11, 2009).

The acquisition provides Abbott with a leading presence in the growing area of non-surgical treatment for structural heart disease. Evalve's minimally invasive catheter-based MitraClip system is the first commercially available treatment option approved in Europe for non-surgical mitral valve repair for patients suffering from the effects of mitral regurgitation – a condition that prevents the heart's mitral valve from closing completely. The MitraClip system is an investigational device in the U.S. and is currently in clinical trials.

Abbott acquired the remaining outstanding equity of Evalve that it did not already own for an upfront payment of $320 million, plus a $90 million payment if certain regulatory milestones are met.

The acquisition of Evalve is one of six strategic acquisitions initiated by Abbott in the past 12 months to bolster long-term growth across its broad base of businesses through diversification of product portfolios, addition of new technology and expansion into key global emerging markets.

MDS (Toronto) a provider of products and services to the global life sciences markets, reported that it has completed the divestiture of its Central Labs operations to Czura Thornton (London), a private investment group.

Central Labs provides a comprehensive range of late-stage laboratory services to global clients, including standardized assays, cardiac services, integrated data management, international laboratory study co-ordination and site support from 600 employees at six sites in Europe, North America and Asia.