Abbott Spine Purchased by Zimmer
Abbott is selling the company’s Spine business to Zimmer Holdings, as detailed in a press release issued by Zimmer. The anticipated purchase price for the deal expected to close in the last quarter of 2008 is approximately $360 million. Boards from both companies have already approved the deal.
Zimmer notes the acquisition as an opportunity to expand the company’s presence in diseases of the spine. Abbott develops an array of different techniques and technologies to treat spinal conditions. Key products available from Abbott Spine include the Pathfinder Minimally Invasive Pedicle Screw system, the Universal Clamp, and the Ant-Cer Dynamic Cervical Plate, among others.
In 2007, Abbott Spine posted revenues of $109 million. Zimmer’s revenue for the company’s Spine business during that same time was $197 million.
September 9, 2008 Related topics: Mergers & Acquisitions