Pharmaceutical company is going to purchase medical device firm Cephea Valve Technologies for an undisclosed sum. Cephea Valve Technologies is currently working towards development of a minimally invasive heart valve replacement technology to treat mitral valve disease patients.
Michael Dale, Abbott’s structural heart business vice president, said that the company decided to purchase Cephea to strengthen the company’s pole position in structural heart therapies, and the move is a part of their strategy to develop holistic treatments for people suffering from mitral valve disease.
Dale added that Cephea’s novel mitral valve replacement method will add to their other catheter-based technologies. He mentioned that this approach will provide an additional option for patients who suffer from this difficult-to-treat disease.”
In 2015, the Chicago-area healthcare giant backed the valve company and secured an option to buy the company outright, which it has now decided to exercise.
Cephea has created the artificial valve to deliver via a vein in the leg, which will eliminate the need of the open-heart surgery. The replacement of the dead mitral valve will help the medical professionals to restore normal blood flow in the heart. Mitral valve disease is a fast spreading heart valve problem, which apparently affects more than four million people in the US. The problem occurs in two forms, including stenosis which means narrowing of the valve, and regurgitation, a condition in which the blood flows backward into the heart.
Since 2009, Abbott has been taking rigorous efforts to induce innovation in the development of minimally invasive solutions for mitral valve disease. Previously, the healthcare company purchased Evalve, which provided it the access to MitraClip technology.
MitraClip is claimed to be the first-of-its-kind solution to repair leaky heart valves. This technology was launched in Europe in 2008 and the US in 2013.
As a part of another strategic acquisition, Abbott purchased Tendyne Holdings in 2015, to get access to Tendyne Holdings’ progress in the development of minimally invasive devices to replace the mitral valve in the heart. In the recent past, the pharmaceutical company also acquired St. Jude Medical to increase its expertise and expand its offerings for the treatment of structural heart disease.
Abbott currently operates in more than 150 countries, being a leading provider of science-based offerings such as diagnostics, nutritionals, medical devices, and branded generic pharmaceuticals.
Earlier this week, Abbott was awarded FDA pre-market approval for the company’s Amplatzer Piccolo occlude designed to treat a congenital heart problem or defect in neonatal infants as small as two pounds.