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US FTC conditionally approves Abbott's $25B acquisition of St. Jude Medical

The U.S. Federal Trade Commission conditionally approved Abbott Laboratories' proposed acquisition of fellow competitor St. Jude Medical Inc. in a deal valued at $25 billion.

Abbott is required to sell its steerable sheath business to Terumo Corp., while St. Jude will off-load its vascular closure device business to the Tokyo-based medical device maker to appease the regulator's anti-competitive concerns.

The companies agreed in principle to sell the businesses to Terumo for $1.12 billion in October.

Vascular closure devices are used to close holes made in an artery and prevent bleeding. Steerable sheaths are used to help position catheters into the heart.