Knobbe Martens Client IDev Technologies Acquired by Abbott Labs for $310 Million
Knobbe Martens Olson and Bear LLP client, IDev Technologies, has entered into an agreement in which Abbott Labs, one of the world’s largest pharmaceutical and healthcare companies, will acquire all outstanding equity of IDev Technologies for $310 million net of cash and debt.
IDev Technologies' products include SUPERA Veritas®, a self-expanding nitinol stent system with CE Mark in Europe for treating blockages in blood vessels due to peripheral artery disease. The SUPERA Veritas® is designed based on biomimetic principles – attempting to mimic the body's natural movement – to promote blood flow in the treated area while offering strength and flexibility. These properties are particularly important when considering treatment for blockages in the blood vessels in the knee and thigh.
In the U.S., SUPERA Veritas® is cleared only for the treatment of biliary strictures related to cancer. It is currently being reviewed under a Premarket Approval Application by the U.S. Food and Drug Administration for the treatment of the superficial femoral artery, which is the main artery in the thigh that supplies blood to lower extremities.
Knobbe Martens partners Sabing Lee and Adam Gilbert and associates Shannon Lam and Brigette Chaput represent IDev in their intellectual property matters, including the Abbott acquisition diligence.
About IDev Technologies:
IDev Technologies, Inc. is an innovator and developer of next generation medical devices for use in interventional radiology, vascular surgery, and cardiology. The SUPERA Veritas® transhepatic biliary stent system is available in the United States and Europe, and the SUPERA Veritas® peripheral vascular stent system is currently sold throughout Europe.
About Knobbe Martens:
With over 275 lawyers and scientists nationwide, Knobbe Martens Olson & Bear LLP dedicates its practice to all aspects of intellectual property law including litigation. Consistently ranked among the top intellectual property firms worldwide, Knobbe Martens serves a diverse group of clients from multinational corporations to emerging businesses of all stages. Headquartered in Orange County, California, Knobbe Martens also has offices in San Diego, Los Angeles, Riverside, San Francisco, Silicon Valley, Seattle and Washington, D.C. More information about the firm can be found at www.knobbe.com.
