By: Gayle S. Putrich
January 23, 2014
Global medical device maker Covidien plc has finalized the sale of its Confluent Surgical product line to Integra LifeSciences Holdings Corp. of Plainsboro, N.J., for $235 million in a cash deal.
Dublin, Ireland-based Covidien will also receive up to an additional $30 million, based on the achievement of undisclosed performance milestones related to the transition of the product line to Integra.
In a news release, Covidien said the sale would allow the company to “better focus resources on its global strategic priorities.” In December, Covidien announced it would acquire gastrointestinal market leader Given Imaging Ltd. for approximately $860 million; that deal is pending shareholder approval and expected to close by March 31.