Cybersecurity Allegations, Safety Alert Will Not Impact St. Jude Acquisition, Abbott Affirms
Abbott Labs' CEO Miles White expressed strong confidence in St. Jude and an unimpeded acquisition of the firm in the wake of continued cybersecurity allegations and a device-safety advisory.
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Among the first batch of companies to have released their latest quarterly earnings this week are medtech bellwethers Johnson & Johnson, Abbott, St. Jude Medical, Intuitive Surgical and Roche. Here are our picks of who we believe to be the winner, loser and one to watch from this batch.
Abbott and St. Jude Medical are to lighten their cardiovascular portfolios – and hopefully facilitate the completion of Abbott's pending $25bn acquisition of St. Jude – by selling three product lines to Terumo. Two of the three product lines to be divested come as little surprise, but one product was acquired by Abbott only earlier this year.
St. Jude Medical has issued a warning about premature battery depletion issues in some ICDs, but says it has already fixed the problem. Analysts say it is not likely to have any impact on Abbott’s plans to acquire St. Jude by the end of 2016.