Cardiovascular Systems Shares Soar Premarket on Abbott Buyout
February 09 2023 - 6:24AM
Dow Jones News
By Colin Kellaher
Shares of Cardiovascular Systems Inc. surged nearly 50% in
premarket trading Thursday after the medical-device maker agreed to
be acquired by Abbott Laboratories for about $890 million.
Abbott late Wednesday said it would pay $20 a share for
Cardiovascular Systems, a 50% premium to Wednesday's closing price
of $13.31 for the St. Paul, Minn., company.
Abbott, an Abbott Park, Ill., maker of healthcare products, said
the addition of Cardiovascular Systems' atherectomy system will
bolster its ability to provide better care for patients with
peripheral- and coronary-artery disease.
Cardiovascular Systems shares were recently up 47% to $19.58 in
premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 09, 2023 06:09 ET (11:09 GMT)
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