Medtech giant Abbott has agreed to acquire the medical device company Cardiovascular Systems (CSI) in a deal valued at about $890m.

CSI is engaged in developing and commercialising interventional treatment systems for patients with peripheral and coronary artery disease.

The devices are designed for atherectomy, a marginally invasive treatment for plaque build-up that can restrict blood flow in patients’ arteries.

Furthermore, CSI is currently developing an early-stage pipeline of complementary vascular intervention devices.

Under the agreement, each CSI shareholder will receive $20 per share from Abbott.

Abbott medical devices executive vice-president Lisa Earnhardt said: “The acquisition of CSI will add new, complementary technologies to Abbott’s leading vascular device offerings.

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“CSI has a talented and experienced team and a leading atherectomy system that will allow Abbott to provide physicians more tools to help patients live fuller lives.”

The transaction is subject to CSI stockholders’ approval as well as the satisfaction of customary closing conditions, including regulatory approvals.

CSI chairman, president and CEO Scott Ward said: “We are pleased to have reached an agreement with a leading global company that shares our passion for the development and commercialisation of innovative solutions for treating complex peripheral vascular disease and coronary artery disease.

“We believe combining with Abbott delivers value to our patients, physician customers, employees and stockholders while continuing our work to save limbs and save lives every day.”

Separately, CSI reported a net loss of $7.9m for the second quarter of fiscal 2023, which ended 31 December 2022, compared to a loss of $9m in the same period for the previous year.