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Abbott completes $250 million deal for Topera

Abbott Laboratories has completed its acquisition of Topera Inc., a private medical device maker.

North Chicago-based Abbott paid $250 million for the company with the possibility of future payments depending on performance.

“The Topera acquisition gives Abbott a foundational entry in the large, high-growth electrophysiology market with breakthrough technologies that can transform how physicians treat people with complex heart rhythm disorders,” said John M. Capek, Abbott’s executive vice president for medical devices.

Topera, based in Menlo Park, California, focuses on technologies to improve diagnosis and treatment atrial fibrillation, a common heart rhythm disorder. Abbott says the $3 billion global market is growing at double-digit rates annually.

The deal was first announced in October.