Financial

Some of St. Jude Medical Devices Are About to Be Sold Off for $1.12 Billion

MN: Corporations In Minnesota

October 18, 2016 – by 

 

Abbott Laboratories, which is in the process of buying St. Jude Medical for $25 billion, said the companies would sell some of their medical devices to Japan-based Terumo for about $1.12 billion.

Abbott said on Tuesday the deal is an important step toward completion of the St. Jude acquisition, which is scheduled to close by the year-end.

The deal is subject to the successful completion of Abbott’s acquisition of St. Jude and other approvals.

The divestiture was a nice win for the companies as it signaled that the deal remained on track to close before the year-end and the price seems “extremely lucrative,” Canaccord Genuity analysts wrote in a client note.

St. Jude’s STJ -0.28% shares rose 1.93%, their biggest intraday percentage jump since the deal with Abbott was announced in April, to $79.16. Abbott’s ABT -2.28% shares gained about1% to $40.96.

 

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About the author

Drue De Angelis

Drue has been helping orthopedic companies overcome challenges since starting the firm in 2000. Direct orthopedic industry experience informs Drue’s perspective on who is best suited to take companies to the next level. A father of four, Drue strives to live a life of integrity and commitment to excellence. Prior to starting TDG, Drue was at Zimmer for 10 years as a Multiple President's Club Achieving Sales Representative before being recruited by Stryker as Branch Manager of the Arizona Branch where he built an award winning team in Reconstruction, Trauma & Spine.

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