Pharma giant assumes ownership of medical stent-producer IDEV
Abbott Laboratories will acquire the outstanding equity shares of IDEV Technologies, a portfolio company of RiverVest Venture Partners, for US $310 million. With the agreement, RiverVest successfully divested itself out of the six portfolio companies it owned since 2011, earning sale revenues amounting to US $1.5 billion.
Jay Schmelter, RiverVest managing director and co-founder, said IDEV's acquisition is a great example of how they make their portfolio company attractive to buyers. For the IDEV sale alone, the company nearly tripled its original investment. IDEV manufactures next-gen devices for cardiology, radiology and vascular surgery. Its core product, the SUPERA stent, is considered to be the benchmark in the industry because of its stability, flexibility and strength.
Details of the agreement released today reveal that Abbot will assume all outstanding equity of IDEV of cash and debt. The financial transaction is expected to be completed by the end of 2013, the company statement said.