Abbott Laboratories and St. Jude Medical Inc. announced Tuesday a deal to sell a portion of the vascular closure and electrophysiology businesses to Terumo Corp. for $1.1 billion, once Abbott's acquisition of St. Jude closes. The deal will include St. Jude's Angio-Seal and Femoseal products and Abbott's Vado Steerable Sheath. Abbott's stock rose 1.6% in premarket trade, while St. Jude shares gained 1.3%. Year to date, shares of Abbott fell 9.6% through Monday and St. Jude soared 26%, while the SPDR Health Care Select Sector ETF lost 3.7% and the S&P 500 tacked on 4%.
Continue Reading Below
Copyright © 2016 MarketWatch, Inc.