Abbott Laboratories exercised its option to acquire privately held medical device company Cephea Valve Technologies Inc.
Abbott had first invested in the developer of heart valve replacement technology in 2015, having secured an option at the time to fully buy the business for undisclosed terms in the future. The same year, Abbott also acquired Tendyne Holdings Inc., which develops devices to replace the mitral valve in the heart.
Cephea Valve's technology eliminates the need for open-heart surgery in patients with a diseased mitral valve, which is responsible for blood flow into the heart's left ventricle, the main pumping chamber.
Abbott has been marketing products for mitral valve disease ever since it acquired Evalve Inc. in 2009, which developed MitraClip to repair leaky heart valves.
Abbott ultimately ended up acquiring St. Jude Medical Inc. for $25 billion in 2017, adding to the company's offerings to treat structural heart disease.