Abbott to Acquire License to Johnson & Johnson's Rapid Exchange Catheter Delivery Technology
ABBOTT PARK, Ill., Nov. 15 -- Following today's announcement that Johnson & Johnson and Guidant have entered into a revised agreement by which Johnson & Johnson will acquire Guidant, Abbott announced its worldwide licensing agreement with Johnson & Johnson for a large portfolio of intellectual property for developing and commercializing rapid exchange (RX) delivery systems and related drug-eluting stents and interventional products. The agreement, which is contingent upon closing of the acquisition, will provide Abbott with access to patents that enhance the company's ability to bring to market an RX catheter delivery system. Incorporating RX into its growing product portfolio increases Abbott's already strong presence in catheterization labs, as the majority of interventional procedures in the United States are performed with rapid exchange delivery systems.
"Abbott's licensing agreement with Johnson & Johnson is an important addition to our vascular business, providing us with broad access to a large portfolio of intellectual property in the vascular devices field," said Richard A. Gonzalez, president and chief operating officer of Abbott's Medical Products Group. "This license gives us further assurance that we'll have a clear path to use rapid exchange delivery systems with many of our vascular products, including our ZoMaxx® drug-eluting coronary stent."
Financial terms of the agreement will be disclosed upon the closing of the acquisition.
About Abbott Vascular
Abbott Vascular, a division of Abbott, is transforming the treatment of vascular disease, combining the latest medical device innovations with world- class pharmaceuticals to advance medicine and improve patient care. Abbott Vascular offers a comprehensive portfolio of vessel closure, endovascular and coronary products that are recognized internationally for their safety, ease of use and effectiveness in treating patients with vascular disease. Abbott Vascular is headquartered in Redwood City, Calif. For more information about Abbott Vascular, visit http://www.abbottvascular.com .
About Abbott
Abbott (NYSE: ABT - News) is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs 60,000 people and markets its products in more than 130 countries. Abbott's news releases and other information are available on the company's Web site at http://www.abbott.com .
Source: Abbott
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