Abbott (NYSE: ABT), a global healthcare company, announced yesterday that it has exercised its option to purchase Cephea Valve Technologies Inc, a privately held medical device company developing a less-invasive heart valve replacement technology for people with mitral valve disease, it was reported yesterday.

Financial terms of the deal were not revealed.

Abbott provided capital and secured an option to purchase Cephea in 2015.

Michael Dale, vice president of Abbott's structural heart business, said, 'The acquisition of Cephea builds on Abbott's strong position in structural heart therapies and is consistent with our strategy to develop comprehensive treatments for people with mitral valve disease. Cephea's novel approach to replace the mitral valve adds to our other catheter-based technologies and is being developed to provide an additional option for patients who suffer from this difficult-to-treat disease.'