Global healthcare company Abbott announced the completion of its purchase of IDEV Technologies from RiverVest Venture Partners. The acquisition was valued at USD 310 million, giving Abbott ownership of all the outstanding equity of the medical device manufacturer.

With the purchase, Abbott expanded its peripheral technology portfolio with IDEV's proprietary SUPERA Veritas product. The latter is a self-expanding nitinol stent system used for the treatment of blood vessel blockages caused by peripheral artery disease. Designed to imitate the natural movement of the human body, SUPERA Veritas helps promote blood flow in the area treated. It also gives patients flexibility and strength.

With over 200 million people around the world afflicted with peripheral artery disease, Senior Vice President of Abbott Vascular Chuck Foltz said the need for developing effective modes of treatment was necessary. Its acquisition of IDEV Technologies would pave the way for that. "Abbott's acquisition of IDEV Technologies strengthens our global product portfolio while providing an additional opportunity to make a positive impact in the lives of patients with peripheral artery disease," he said.