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 Medical, Mergers & Acquisitions

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

Ebola scare, ACA could drive health care growth

October 30, 2014 2:45 pm ET

Bill Wood's new forecast for medical supplies and equipment calls for an increase of 6.6 percent in the total output of these products in 2014, and...    More

Image

Xten may shut down, working on sale to Commercial Plastics

October 29, 2014 5:49 pm ET

Xten Industries LLC is working on a sale to Commercial Plastics Co. of Mundelein, Ill. Xten, an injection molder based in Kenosha, Wis., filed a...    More

Image

TMI has new private equity owner

October 27, 2014 2:03 pm ET

Pittsburgh-based TMI International LLC, a maker of PVC-based film, panel and sheet products as well as PVC-coated curtains and screens, has been...    More

Image

Deal puts Convergence Packaging under Comar's umbrella

October 24, 2014 2:00 pm ET

Convergence Packaging Holdings LLC, itself a product of mergers, now is joining together with Comar LLC.    More

Image

Akro-Plastic buying German subsidiary from Metabolix

October 24, 2014 3:32 pm ET

Akro-Plastic GmbH, a Niederzissen, Germany-based plastic compounder, has purchased the assets of Metabolix Inc.'s subsidiary in Germany.    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

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

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

January 14, 2015 - January 14, 2015Plastics in Automotive

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

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

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events