Knobbe Martens Olson and Bear LLP client, IDev Technologies, has entered into an agreement in which Abbot Labs, one of the world’s largest pharmaceutical and healthcare companies, will acquire all outstanding equity of IDev Technologies for $310 million net of cash and debt.
IDev Technologies’ products include SUPERA Veritas®, a self-expanding nitinol stent system with CE Mark in Europe for treating blockages in blood vessels due to peripheral artery disease. The SUPERA Veritas® is designed based on biomimetic principles – attempting to mimic the body’s natural movement – to promote blood flow in the treated area while offering strength and flexibility. These properties are particularly important when considering treatment for blockages in the blood vessels in the knee and thigh.
In the U.S., SUPERA Veritas® is cleared only for the treatment of biliary strictures related to cancer. It is currently being reviewed under a Premarket Approval Application by the U.S. Food and Drug Administration for the treatment of the superficial femoral artery, which is the main artery in the thigh that supplies blood to lower extremities.
Knobbe Martens partners Sabing Lee and Adam Gilbert and associates Shannon Lam and Brigette Chaput represent IDev in their intellectual property matters, including the Abbott acquisition diligence.
