Cardiovascular Systems Shares Soar Premarket on Abbott Buyout

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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