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Abbott, St. Jude Medical sell portion of vascular closure, electrophysiology business to Terumo

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Abbott and St. Jude Medical have announced an agreement in principle to sell certain products to Terumo Corporation, according to a press release.

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, according to the release.

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, including the Perclose ProGlide Suture-Mediated Closure System, StarClose SE Vascular Closure System and Prostar XL Percutaneous Vascular Surgical System, according to the release.

The definitive agreement for Abbott to acquire St. Jude Medical was announced in late April. The acquisition is expected to close by the end of 2016, according to the release.