Coviden (Formerly Known at Tyco Healthcare) Buys Two Hospital Device Companies Located In Israel
Posted Apr 08 2012 8:26pm
The two companies are right in line with that Coviden does with creating medical devices used in hospitals. One of their large purchases from the past back in 2010 included EV3 who makes stent systems.
As mentioned below the company is on a bit of a buying spree and already has their own sales operations in Israel. The company states they plan to use acquisitions as a way to grow and gain bigger market share. BD ------------------
Covidien and Oridion valued their deal at $300 million, net of Oridion’s cash on hand. The deal price is a 72% premium to Oridion Systems’ closing price of $13.40 on Wednesday. Both companies’ boards approved the terms.
The company makes capnography systems, which are designed to measure concentrations of carbon dioxide in patients to help assess how well they are breathing, according to Jack Auer, Oridion’s vice president of marketing. Simply put, capnography systems tells clinicians whether patients are adequately ventilating and releasing CO2
As for Covidien’s other deal, SuperDimension’s minimally invasive electromagnetic-navigation technology helps doctors gain access to lesions deep in the lungs and in the lymph nodes, where traditional bronchoscopes cannot reach.
The goal is to spot benign and cancerous lesions early, giving doctors and patients more options for treatment “and avoiding the need for higher-risk procedures,” according to the company.
SuperDimension’s sales are about $30 million a year.
Covidien has distribution and sales operations in Israel, but the deals are its first two in the Middle Eastern nation, Farmer added. They’re also the third and fourth purchases the parent’s made in the past three months.