Covidien completes superDimension acquisition

Covidien is paying $300 million and future earn out payments for the Herzliya-based pulmonology device developer.

Global healthcare provider Covidien plc (NYSE: COV) has announced that it has completed the acquisition of superDimension, Ltd., for $300 million, with future earn out payments possible. Sources believe these payments could amount to up to $50 million. superDimension develops minimally invasive interventional pulmonology devices.

Covidien said that pursuant to the terms of the acquisition agreement, it has acquired all of the outstanding capital stock of Herzliya-based superDimension.

Covidien group president surgical solutions Bryan Hanson said, “Covidien’s strategy is to invest in relevant products and technologies, which can meaningfully improve patient outcomes while reducing the overall cost of care. 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.”

Covidien added that it will report superDimension's business in its Endomechanical product line within its Medical Devices segment.

superDimension is one of three Israeli medical device companies acquired by Covidien in recent months. Covidien also acquired capnography respiratory monitors and modules manufacturer Oridion Systems Ltd. (SWX: ORIDN) for $346 million and hernia mesh developer PolyTouch for $30-40 million.

Published by Globes [online], Israel business news - - on May 16, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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