ABBOTT PARK, Ill., May 7, 2002 /PRNewswire-FirstCall via COMTEX/ -- Abbott Laboratories (NYSE: ABT) today announced that it has completed the acquisition of the cardiovascular stent business of Biocompatibles International plc for 164.7 million pounds sterling (approximately $234.5 million) in cash.

"The acquisition of Biocompatibles' cardiovascular stent business significantly strengthens Abbott's participation in the worldwide coronary stent market," said Christopher B. Begley, senior vice president, hospital products, Abbott Laboratories. "Through this acquisition, we enhanced our international presence and secured access not only to Biocompatibles' broad range of stents, but also to its proprietary coating technology, which serves as a differentiating component of our coronary and drug-coated stent programs."

The acquisition includes the worldwide marketing, manufacturing, development, distribution and license of intellectual property rights to the BiodivYsio coronary stent product line and the pipeline of drug-eluting coronary stents, together with the stent manufacturing plant in Galway, Ireland. The cardiovascular stent business acquired from Biocompatibles will be integrated into Abbott's vascular devices franchise.

Through the transaction, Abbott acquired additional commercial infrastructure and marketing presence in Europe and maintained access to Biocompatibles' innovative polymer chemistry research and development organization, which will augment Abbott's drug-coated stent programs.

Abbott's lead drug-coated stent compound is an internally developed rapamycin analogue, a proprietary anti-proliferative agent that has demonstrated encouraging results in preclinical studies. Through the acquisition, Abbott also assumed worldwide commercial rights for all potential drug-coated stent products in Biocompatibles' pipeline and strengthened its strategic direction over these programs.

To complete the acquisition, Abbott has received the necessary regulatory clearance in the United States as well as in certain countries outside of the United States. The acquisition has also been approved by the shareholders of Biocompatibles.

Abbott anticipates a yet-to-be determined, one-time charge in the second quarter of 2002 related to this transaction, primarily for in-process research and development. The transaction has no impact on Abbott's previously announced earnings-per-share guidance of $2.24 - $2.26 for 2002, excluding the one-time charge.

Abbott's expanding vascular medicine franchise includes both medical devices and therapeutics and focuses on high growth market segments, including coronary, peripheral and drug-coated stents, vessel closure, embolic capture and occlusion catheter technologies. For each of these vascular market segments, a strong product pipeline is being assembled to build and develop a growth business in the multibillion-dollar acute care vascular market.

Abbott Laboratories is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals, nutritionals, and medical products, including devices and diagnostics. The company employs approximately 70,000 people and markets its products in more than 130 countries. In 2001, the company's sales and net earnings were $16.3 billion and $2.9 billion, respectively, with diluted earnings per share of $1.88, excluding one-time charges.

Abbott's news releases and other information are available on the company's Web site at www.abbott.com .

Private Securities Litigation Reform Act of 1995 -- A Caution Concerning Forward-Looking Statements

Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Exhibit 99.1 of our 2001 Form 10-K and in our periodic reports on Form 10-Q and Form 8-K, and are incorporated by reference. Abbott undertakes no obligation to release publicly any revisions to forward- looking statements as the result of subsequent events or developments.

SOURCE Abbott Laboratories

CONTACT: Media, Stacey Eisen, +1-847-935-2828, or Financial Community, John Thomas, +1-847-938-2655, both of Abbott Laboratories