St. Jude Medical and Abbott have agreed in principle to divest some of their cardiovascular products to Japanese firm Terumo for about $1.12bn.
The deal is subject to the completion of Abbott's purchase of St. Jude Medical and antitrust regulatory approvals.
It will include St. Jude Medical's Angio-Seal and Femoseal vascular closure products and Abbott's Vado Steerable Sheath.
Angio-Seal product lines offer healthcare providers with an option to manual compression for sealing puncture sites on patients who have undergone a catheterization procedure.
Abbott will hold other vascular closure products, including Perclose ProGlide suture-mediated closure system, StarClose SE vascular closure system and Prostar XL percutaneous vascular surgical system.
In April, Abbott signed an agreement to acquire St. Jude Medical for about $25bn.
Based in St. Paul of Minnesota, St. Jude Medical has five product segments including heart failure, atrial fibrillation, neuromodulation, traditional cardiac rhythm management and cardiovascular.
St. Jude Medical produces products such as EnSite Precision next-generation cardiac mapping system, Proclaim Elite recharge-free spinal cord stimulation system and Prodigy chronic pain system, as well as MultiPoint pacing technology.
Once the deal concludes, the combines business will have products in every area of the cardiovascular market, including atrial fibrillation, structural heart and heart failure.
In July, Terumo acquired US medical device firm Sequent Medical for around $280m.
Based in Aliso Viejo of California, Sequent Medical is engaged in the development of new catheter-based neurovascular technologies.
Image: St. Jude Medical global headquarters. Photo: courtesy of St. Jude Medical, Inc.