Abbott and St. Jude Medical have announced an agreement in principle to sell certain products to Terumo Corp.¬†for a total purchase price of approximately $1.12 billion. The transaction¬†is subject to the successful completion of Abbott’s acquisition of St. Jude Medical and antitrust regulatory approvals. Abbott, St. Jude Medical, and Terumo are bound by the terms of an exclusivity agreement.

The divestiture is an all-cash transaction and will include the products globally for St. Jude Medical’s Angio-Seal and Femoseal vascular closure products and Abbott’sVado¬†steerable sheath. Abbott will retain its vascular closure products, which include the Perclose ProGlide¬†suture-mediated closure system, StarClose SE¬†vascular closure system, and Prostar¬†XL percutaneous vascular surgical system.

Following Abbott’s acquisition of St. Jude Medical, the combined business will compete in nearly every area of the cardiovascular market and hold top positions in high-growth segments, including atrial fibrillation, structural heart and heart failure, as well as a leading position in the high-growth neuromodulation market.

Abbott expects to mitigate any impact to its adjusted earnings per share projections related to the sale of these assets to Terumo.