Abbott Laboratories (ABT) Strikes Deals To Purchase 2 Device Companies

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HFA Staff
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Abbott Laboratories (NYSE:ABT) announced it has entered into an agreement to purchase two companies to add to its Medical Device portfolio: IDEV Technologies, a peripheral play ($310 million) and OptiMedica, an ophthalmic device company ($250 million+$150 million milestone based payments). Deal impact: IDEV Technologies & OptiMedica Management expects to close both deals before the end of the year and have a neutral impact in 2013-2014 and accretive there after. No change to 2013 EPS guidance. Over time, Abbott Laboratories (NYSE:ABT) estimates each acquisition will turn into a several hundred million dollar revenue opportunity. RBC Capital believe these deals are in line with management’s M&A strategy this year and expect these types of…

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