Abbott believes that this acquisition will complement its global peripheral technology portfolio with Idev Technologies’ Supera Veritas self-expanding nitinol stent system.

Featuring an interwoven wire technology and designed on biomimetic principles, Supera Veritas promotes the flow of blood in the treated area, whilst providing flexibility and strength.

In Europe, this system is used for treating blockages in blood vessels due to artery diseases and approved for the treatment of biliary strictures related to cancer in the US.

However, it is currently being reviewed under a premarket approval application for treatment of the superficial femoral artery in the US.

A recent publication in the Lancet cited that more than 200 million people worldwide live with peripheral artery disease.

Abbott vascular senior vice president Chuck Foltz noted that peripheral artery disease is a significant and growing health concern around the world, raising the need for new and effective treatment options.

"Abbott’s acquisition of IDEV Technologies strengthens our global product portfolio while providing an additional opportunity to make a positive impact in the lives of patients with peripheral artery disease," Foltz added.

Abbott manufactures diagnostics, medical devices, nutritionals and branded generic pharmaceuticals, and its products are sold in 150 countries.