RiverVest Venture Sells IDEV Tech to Abbott Lab for $310 Mln

RiverVest Venture Partners said Monday it is selling IDEV Technologies to Abbott Laboratories for $310 million. The deal is expected to close by the end of the year. Webster, Texas-based IDEV develops next generation medical devices for interventional radiology, vascular surgery and cardiology. RiverVest said the sale represents a 2.6x gross return on $12 million invested by RiverVest, which owned IDEV shares through both its Fund I and Fund II.

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