Abbott completes acquisition of St. Jude Medical

Abbott’s acquisition of St. Jude Medical has been completed, the companies announced.

Abbott stated in a press release that all regulatory clearances were obtained to enable the deal to be closed.

The combined company will have annual sales of approximately $8.7 billion and the No. 1 or No. 2 share in CV device markets such as atrial fibrillation, HF, structural heart disease, coronary interventions and mitral valve disease, according to the release.

“We continue to deliberately shape our business for long-term success by securing leadership positions in attractive markets and focusing on customer needs,” Miles D. White, chairman and CEO of Abbott, said in the release. “This philosophy has served as the foundation for a 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.”

Abbott was also set to acquire Alere, but announced in December that it is seeking to terminate the agreement because Alere has lost value due to product recalls, billing issues, government investigations and financial issues.

Disclosure: White is an employee of Abbott.