Cardiovascular Systems (CSI)

History

2023: $890m Abbott ownership move

On February 8, 2023, Abbott announced an agreement to purchase Cardiovascular Systems Inc. (CSI), which is engaged in the development and commercialization of innovative solutions for the treatment of vascular and coronary diseases.

CSI is based in St. Paul (Minnesota, USA). One of the company's main products is the Diamondback 360 orbital atherectomy system. Atherectomy is a minimally invasive method of intravascular intervention, which involves the removal of atherosclerotic deposits and the restoration of blood supply in the vessels. The procedure is applied in addition to or as an alternative to angioplasty.

Diamondback 360 - Orbital Atherectomy System

Under the terms of the signed agreement, CSI shareholders will receive $20 for each security. Thus, the total amount of the transaction will be $890 million. The merger has already been approved by the boards of directors of Abbott and CSI. As part of the asset transfer, JP Morgan Securities LLC acts as a financial adviser to CSI. Regulatory approvals are required to complete the merger.

The CSI acquisition will add additional technology to Abbott's leading vascular offerings. CSI has a talented and experienced team of specialists, as well as an advanced atherectomy platform that will allow Abbott to provide doctors with more tools to help patients live a fuller life, said Lisa Earnhardt, executive vice president of medical devices at Abbott.

It is said that the application of atherectomy can help maximize the benefits of standard balloon angioplasty or stenting in restoring blood flow in the case of complex arterial diseases. The CSI solution circumvents many of the limitations associated with existing surgical, catheter and pharmacological alternative therapies.^[1]

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