Back in March we announced that Covidien had agreed to purchase Israeli pulmonology company superDimension Ltd. Now the medtech giant has announced that it has completed the acquisition for an aggregate consideration of approximately $300 million, with future earn out payments possible.
A press release states that pursuant to the terms of the acquisition agreement, Covidien has acquired all of the outstanding capital stock of superDimension, a private company based in Herzliya, Israel, that develops minimally invasive interventional pulmonology devices.
Covidien will report the superDimension business in the Endomechanical product line within the Medical Devices segment.
“Covidien’s strategy is to invest in relevant products and technologies which can meaningfully improve patient outcomes while reducing the overall cost of care,” said Bryan Hanson, Group President, Surgical Solutions, Covidien. “The acquisition of superDimension positions Covidien to continue its investment in meaningful innovation by delivering more comprehensive solutions in the evaluation and management of lung diseases.”