MINNEAPOLIS _ St. Jude Medical Inc. and the company that his acquiring it, Abbott Laboratories, are selling several vascular closure product lines to Terumo Corp. of Japan in a $1.1 billion deal.
The deal hinges on the completion of Abbott's $25 billion purchase of St. Jude Medical and will not take place if it falls apart. It also hinges on approval from antitrust regulators and is seen as a step to ease competitive concerns from the overlap of Abbott and St. Jude in certain products.
The transaction includes St. Jude Medical's Angio-Seal and Femoseal vascular closure products and Abbott's Vado Steerable Sheath. Abbott will retain its vascular closure products.
When put together, Abbott and St. Jude Medical will have products in nearly every area of the cardiovascular market. Abbott, headquartered in suburban Chicago, expects to close its purchase of St. Jude Medical, based in suburban Minneapolis, by the end of the year.
Abbott also said it expects to mitigate any impact to its profit because of the sale of the vascular closure products to Terumo.
