Abbott Park, Ill.-based Abbott Laboratories and Saint Paul, Minn.-based St. Jude Medical — which Abbott is in the process of acquiring for $25 billion — plan to sell several medical devices to Japan-based Terumo for about $1.1 billion, reports Reuters.
Through the all-cash deal, St. Jude will divest its Angio-Seal and Femoseal vascular closure products, while Abbott will sell the Vado Steerable Sheath — a device used for navigation during cardiac ablation procedures — to Terumo, according to the companies.
The deal is subject to Abbott's successful acquisition of St. Jude, which it hopes to achieve by the end of 2016, among other conditions, according to the report.
Abbott, which has been divesting products to focus on cardiovascular devices and diagnostics business, sold its medical optics unit to New Brunswick, N.J.-based Johnson & Johnson for $4.3 billion in September, according to the report.
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