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

Clariant extends reach into Asia with acquisition

September 29, 2014 9:54 am ET

Clariant International Ltd. is buying VitaPac (HK) Industrial Ltd., a Hong Kong-based company which produces desiccant packets for the healthcare...    More

Image

Global giant Foxconn to make, sell molding machines

September 26, 2014 2:48 pm ET

For years, Taiwan's Foxconn Technology Group has been the world's largest contract manufacturer for electronics, with more than 1 million employees...    More

Image

Nypro Healthcare continues to grow following Jabil acquisition

September 26, 2014 1:59 pm ET

Nypro Healthcare's newest medical device manufacturing facility offers 200,000 square feet of carefully configured Class 8 clean room molding and...    More

Image

England's Essentra buying Abric Berhad

September 26, 2014 11:31 am ET

Packaging firm Essentra plc has announced the planned acquisition of Abric Berhad, a Kuala Lumpur-based manufacturer of security sealing products.    More

Image

Bosch taking full ownership of home appliance venture BSH

September 26, 2014 11:11 am ET

Robert Bosch GmbH is set to take full control of Bosch und Siemens Hausgeräte GmbH (BSH), the domestic appliances giant that it formed with engineerin...    More

Market Reports

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 industry analysis highlights macro industry trends and micro trends faced by companies that do business in Mexico. The report also provides key industry statistics and forecasts to anticipate future industry expansion.

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

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

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

More Events