Covidien plc has completed its acquisition of Israeli Pillcam® company Given Imaging Ltd. for $860 million.
Background
Late last year we covered the news that Covidien was to acquire Given Imaging Ltd in a deal worth approximately $60 million, net of cash and short term investments acquired. That story can be found here. Now, two months on and the deal is complete, providing Covidien with access to Given Imaging’s Pillcam platform and in so doing providing the medtech giant with one of the broadest portfolios for visualizing, monitoring and detecting abnormalities in the digestive system.
PillCam SB is the most widely used, patient-friendly tool for directly visualizing the small bowel to detect and monitor abnormalities. Pillcam is the worldwide market leading minimally-invasive, swallowed optical endoscopy technology for the small bowel, esophagus and colon that does not require sedation of the patient.
The Given Imaging business will be reported through Covidien’s Advanced Surgical line and is expected to add between $40 million and $50 million per quarter in incremental revenue.
Company comments
“Acquiring Given Imaging significantly expands Covidien’s GI Solutions business and supports the company’s strategy to comprehensively address key global specialties and procedures,” said Bryan Hanson, group president, Medical Devices & U.S., Covidien. “We are committed to providing clinicians with more accurate and efficient diagnostic technologies to help achieve better outcomes for patients.”
Source: Covidien plc., Business Wire
