Covidien buys Given Imaging for $860 million

By Jeremy Carroll
Assistant Managing Editor

Published: December 9, 2013 5:03 pm ET
Updated: December 9, 2013 5:04 pm ET

Related to this story

Topics Mergers & Acquisitions, Medical

Medical device maker Covidien plc has acquired Given Imaging Ltd. for approximately $860 million, the company announced.

Dublin, Ireland-based Covidien said it will acquire the company at $30 a share, $6.35 more than its closing price before the deal was announced on Dec. 7. The deal will be a cash transaction, Covidien said.

Given Imaging specializes in the gastrointestinal market, including a pill equipped with a camera that patients swallow that allows doctors to detect issues in the digestive system.

The move will expand Covidien deeper into the gastrointestinal market, Bryan Hanson, group president of medical devices in the U.S. said in a statement.

“Adding Given’s portfolio of diagnostics to our portfolio accelerates Covidien’s strategy of providing physicians with products that support the patient along the care continuum from diagnosis to treatment,” he said in the statement. “It also confirms our leadership in developing less-invasive screening, diagnosis and treatment solutions that can improve patient outcomes and lower healthcare costs.”

Homi Shamir, president and CEO of Given Imaging, said in a statement that combining the two companies’ capabilities gives them the “potential to transform this market.”

The deal is expected to close by March 31, but it still needs shareholder approval from Given Imaging.

Covidien said it expected Given Imaging to add $40 million to $50 million per quarter in revenue to the company’s medical devices segment. Covidien recently reported medical device sales of $8.49 billion in its 2013 fiscal year.


Comments

Covidien buys Given Imaging for $860 million

By Jeremy Carroll
Assistant Managing Editor

Published: December 9, 2013 5:03 pm ET
Updated: December 9, 2013 5:04 pm ET

Post Your Comments


Back to story


More stories

Image

Contigo, Avex buy lets Newell Rubbermaid leapfrog new bottle development

July 22, 2014 4:11 pm ET

Newell Rubbermaid Inc. is ready to accelerate its move into the reusable water bottle business with the purchase of two on-the-go drinkware brands.    More

Image

Newell Rubbermaid to acquire Contigo brand

July 21, 2014 5:00 pm ET

Consumer products company Newell Rubbermaid Inc. has signed an agreement to acquire Ignite Holdings LLC, owner of the Contigo and Avex brands of...    More

Image

Huhtamäki to evaluate its films business

July 21, 2014 9:52 am ET

Finland-based plastics packaging group, Huhtamäki Oyj, has announced that it is evaluating its options regarding its films business, due to its...    More

Image

Thermoforming Technology Group adds Lyle Industries to its portfolio

July 18, 2014 2:48 pm ET

Thermoforming Technology Group LLC has expanded its thermoforming equipment presence with the acquisition of Lyle Industries Inc.    More

Image

Polynt, CCP create composite resins giant

July 18, 2014 10:13 am ET

France's Total SA has agreed to sell CCP Composites to Polynt Group SpA, based in Italy, for an undisclosed price.    More

Market Reports

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Plastics Recycling Market Review & Outlook 2014

This special report from Plastics News examines the North American plastics recycling industry and provides insight into indicators that impact market viability, including Resin pricing trends for virgin and recycled market material and historical Resin production trends for post- consumer and industrial waste.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events