Covidien Acquires Given Imaging
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By MedImaging International staff writers Posted on 10 Mar 2014 |
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Healthcare company Covidien, plc (Dublin, Ireland) reported that it has acquired Given Imaging, Ltd. (Yoqneam, Israel), a company that develops diagnostic products for the visualization and detection of gastrointestinal tract (GI) disorders, providing Covidien with additional range to serve an important medical specialty, the multibillion dollar global GI market.
Under terms of the merger agreement, Covidien has acquired all outstanding Given shares for USD 30 per share or an aggregate consideration of about USD 860 million, net of cash and short-term investments acquired.
“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 and United States, Covidien. “We are committed to providing clinicians with more accurate and efficient diagnostic technologies to help achieve better outcomes for patients.”
With this acquisition, Covidien now has one of the widest ranges of products for visualizing, monitoring, and detecting abnormalities in the digestive system. A key technology in the Given product range is the product PillCam, a minimally invasive, swallowed optical endoscopy technology for the small bowel, esophagus, and colon that does not require sedation of the patient.
While the company has not completed its initial purchase price allocation and the final amount could differ significantly, it estimates incremental intangible asset amortization from the transaction to be approximately USD 35 to USD 45 million on an annual basis.
Covidien is a leading global healthcare products company that creates innovative medical products. Covidien develops, manufactures, and sells a diverse range of industry-leading medical device and supply products. With 2013 revenues of USD 10.2 billion, Covidien has more than 38,000 employees worldwide in more than 70 countries, and its products are marketed in over 150 countries.
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Given Imaging
Under terms of the merger agreement, Covidien has acquired all outstanding Given shares for USD 30 per share or an aggregate consideration of about USD 860 million, net of cash and short-term investments acquired.
“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 and United States, Covidien. “We are committed to providing clinicians with more accurate and efficient diagnostic technologies to help achieve better outcomes for patients.”
With this acquisition, Covidien now has one of the widest ranges of products for visualizing, monitoring, and detecting abnormalities in the digestive system. A key technology in the Given product range is the product PillCam, a minimally invasive, swallowed optical endoscopy technology for the small bowel, esophagus, and colon that does not require sedation of the patient.
While the company has not completed its initial purchase price allocation and the final amount could differ significantly, it estimates incremental intangible asset amortization from the transaction to be approximately USD 35 to USD 45 million on an annual basis.
Covidien is a leading global healthcare products company that creates innovative medical products. Covidien develops, manufactures, and sells a diverse range of industry-leading medical device and supply products. With 2013 revenues of USD 10.2 billion, Covidien has more than 38,000 employees worldwide in more than 70 countries, and its products are marketed in over 150 countries.
Related Links:
Covidien
Given Imaging
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