Abbott to Acquire Cardiovascular Systems for $890 Million, CSII Surges Over 48% in After-Hours Trading

SmartCom APP learned that Cardiovascular Systems, Inc. (CSI) (CSII.US) announced on Wednesday evening that it has signed an agreement with Abbott (ABT.US). According to the agreement, Abbott will acquire CSI at a price of $20 per share, with the deal valued at approximately $890 million. Following the announcement, shares of Cardiovascular Systems surged in after-hours trading. As of press time, the stock was up 48.01% to $19.70. Meanwhile, Abbott saw a slight decline in after-hours trading.

Cardiovascular Systems, Inc. produces medical devices for atherectomy, a minimally invasive solution for treating vascular plaque. The company is also advancing the development of vascular interventional devices.