Abbott Acquires Perclose; Signs Deal with Biocompatibles International

<%=company1%> (Abbott Park, IL) has acquired Perclose Inc. and signed a multiyear distribution agreement with Biocompatibles International plc for all its current and future vascular products, and a license for its coating technology for use on Abbott vascular devices.

"Through the acquisition of Perclose and the distribution agreement with Biocompatibles, we are building upon our current position in vascular medicine with leading technology and new, innovative products," said Richard A. Gonzalez, senior vice president, hospital products, Abbott Laboratories. "Both Perclose and Biocompatibles offer Abbott opportunities in the rapidly growing interventional market. Perclose's strong product line along with its existing relationships with interventional cardiologists and radiologists will be an excellent platform for expanding Abbott's vascular business."

Abbott completed its acquisition of Perclose in a stock-for-stock merger to be accounted for as a pooling of interests. Abbott is issuing shares and options having a value of approximately $644 million to acquire Perclose. Abbott will exchange 1.35 of its shares for each share of Perclose stock.

Abbott and Biocompatibles signed a multi-year agreement for Abbott to exclusively distribute Biocompatibles' BiodivYsio coated stent products in the United States with rights to Biocompatibles' pipeline of other interventional vascular products. Abbott also was granted the option to license Biocompatibles' proprietary phosphorylcholine (PC) coating technology for other Abbott vascular devices on a worldwide basis. Biocompatibles has generated clinical data that indicates the presence of a PC coating on devices improves their performance, including reducing the rate of restenosis and thrombosis.

Edited by Ursula Jones