Abbott Laboratories, a pharmaceutical and medical device company in Abbott Park, Ill., agreed to pay as much as $410 million in cash to acquire all outstanding shares of cardiac-device maker Evalve, Menlo Park, Calif., according to a news release. The agreement includes an upfront payment of $320 million in cash, plus an additional payment after completing certain regulatory milestones, for a total of up to $410 million, according to Abbott. The company already holds a 10% interest in Evalve, which specializes in the development of catheter-based devices used to repair cardiac mitral valves. The deal, which is subject to customary regulatory review, is expected to close during the fourth quarter of 2009.
Late News: Abbott agrees to buy Evalve in $410 million deal
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