Abbott acquires MD Anderson technology company
Abbott Laboratories Inc., has agreed to purchase a private company based on technology discovered at MD Anderson for $310 million. IDEV Technologies Inc., of Webster, Texas, has developed an innovative stent system to treat blockages in blood vessels and the narrowing of bile ducts in the liver. The system may also have broad applications in additional medical markets.
“We’re excited about Abbott’s acquisition of IDEV Technologies, a company that was founded upon a portfolio of more than 30 technologies developed by MD Anderson,” says Chris Capelli, M.D., vice president for Technology Based Ventures at MD Anderson.
The innovative technology uses an interwoven stent design that mimics natural movement, providing greater strength and flexibility than traditional stent designs.
“These properties are particularly important when considering treatment for blockages in the blood vessels in the thigh and knee where rapid and frequent movement occurs with daily activities, such as walking, sitting and standing,” Abbott’s announcement notes.
“We believe that the transaction represented the culmination of an extremely successful commercialization project for MD Anderson, and the beginning of an exciting new stage of development for our technology,” Capelli says.
MD Anderson will continue to receive royalties under its licensing agreements. Such payments help fund research and represent an important revenue stream for the institution.