Abbott to Acquire Cardiovascular Systems, Inc.

February 8, 2023—Abbott and Cardiovascular Systems, Inc. (CSI) announced a definitive agreement for Abbott to acquire CSI. Under the terms of the agreement, CSI stockholders will receive $20 per common share at a total expected equity value of approximately $890 million.

The transaction, which has been approved by the boards of directors of CSI and Abbott, is subject to the approval of CSI stockholders and the satisfaction of customary closing conditions, including applicable regulatory approvals, advised the companies.

CSI, based in St. Paul, Minnesota, is a developer of atherectomy systems used in treating peripheral and coronary artery disease. CSI’s orbital atherectomy system treats calcified and fibrotic plaque in arterial vessels throughout the leg and heart and addresses limitations associated with existing surgical, catheter, and pharmacologic treatment alternatives. CSI also has an early-stage pipeline of complementary vascular intervention devices in development.

Lisa Earnhardt, Abbott’s executive vice president of medical devices, stated in the press release, “The acquisition of CSI will add new, complementary technologies to Abbott’s leading vascular device offerings. CSI has a talented and experienced team and a leading atherectomy system that will allow Abbott to provide physicians more tools to help patients live fuller lives.”

Scott Ward, CSI’s chairman, president, and chief executive officer, commented, “We are pleased to have reached an agreement with a leading global company that shares our passion for the development and commercialization of innovative solutions for treating complex peripheral vascular disease and coronary artery disease. We believe combining with Abbott delivers value to our patients, physician customers, employees, and stockholders while continuing our work to save limbs and save lives every day.”