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
Companies & Associations

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

Reifenhäuser acquires German spinneret company Enka Tecnica

April 17, 2015 9:31 am ET

Germany-based Reifenhäuser GmbH & Co. KG, a major manufacturer of extrusion equipment, has announced that it is acquiring Enka Tecnica GmbH, a German ...    More

Image

Spain's Grupo Antolin to buy Magna's interiors business

April 16, 2015 12:33 pm ET

Spain's Grupo Antolin has reached an agreement to purchase Canadian auto supply giant Magna International Inc.'s interiors unit in a deal valued at...    More

Image

Madison buys Ferry Industries

April 16, 2015 5:22 pm ET

Ferry Industries, the largest manufacturer of rotational molding machinery, was purchased by Madison Industries, a Chicago holding company that is...    More

Image

Caplugs gets new private equity owner

April 16, 2015 11:17 am ET

Caplugs, a major producer of caps, plugs, tubing, netting and other protective goods for industry, has a new owner.    More

Image

A. Schulman, Citadel discuss the $800 million deal

April 15, 2015 1:45 pm ET

The $800 million match of materials maker A. Schulman Inc. and Citadel Plastics felt good from the start. “Everything in our first meetings show...    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 15, 2015 - September 17, 2015Plastics Caps & Closures - September 2015

More Events