Rarely out of the news when it comes to acquisitions, Covidien has today announced a definitive agreement to buy Israeli Minimally Invasive Pulmonology device developer superDimension, Ltd. in a deal worth approximately $300M plus future potential earnouts.
With annual sales of approximately $30 million, superDimension’s i·Logic™ System uses Electromagnetic Navigation Bronchoscopy®to provide minimally invasive access to lesions deep in the lungs as well as mediastinal lymph nodes. By extending the reach of conventional bronchoscopes, the i·Logic System facilitates more effective evaluation of lung lesions, potentially enabling safer, more effective tissue biopsies.
Once the transaction has been completed, Covidien will report the superDimension business in the Endomechanical product line within the Medical Devices segment.
“Covidien’s strategy is to invest in clinically and economically relevant products and technologies which can meaningfully improve patient outcomes while reducing the overall cost of care,” said Bryan Hanson, President, Surgical Solutions, Covidien. “The acquisition of superDimension will position Covidien to continue its investment in meaningful innovation by delivering more comprehensive solutions in the evaluation and treatment of lung diseases.”
“We are very pleased that Covidien has elected to acquire superDimension,” said Daniel J. Sullivan, President and Chief Executive Officer, superDimension, Ltd. “This partnership will immediately strengthen our worldwide commercial infrastructure, expanding the benefits of the i·Logic System and Electromagnetic Navigation Bronchoscopy to a wider patient population.”
Source: Covidien, Businesswire