In an acquisition worth up to $860 million, Covidien is integrating Israeli gastrointestinal devicemaker Given Imaging into its medical device business.
The addition of Given, which makes an endoscopy camera-in-a-pill, as well as devices for pH monitoring and high resolution manometry, will bolster Covidien’s device revenues by $40 to $50 million per quarter, as well as expand the company’s access to the global GI market. In turn, Given will benefit from Covidien’s global regulatory experience and its experience testing and marketing medical devices, Covidien spokesman Peter Lucht said.
Given CEO Homi Shamir added that “the combination of Covidien’s global presence and Given Imaging’s innovative capabilities has the potential to transform this market.”
The deal — expected to be completed by March 31 — is pending approval by Given shareholders, the Federal Trade Commission, the Department of Justice, Israeli antitrust divisions, and regulatory authorities in Austria and Germany. — Lena Freund
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