Covidien to swallow pill camera firm
Covidien has offered to pay $30.00 per share in cash, for a total of approximately $860 million. The deal is to be financed with cash in hand and Given Imaging sales will be reported within Covidien’s medical devices business unit. Given Imaging is expected to add between $40 million and $50 million of revenue per quarter to the medical devices business unit.
The transaction is subject to customary closing conditions, including Given Imaging shareholder approval and the receipt of certain regulatory approvals, and is expected to close by March 31, 2014.
"Given Imaging revolutionized GI [gastro-intestinal] diagnostics over 12 years ago with the launch of PillCam and created an entirely new diagnostic category – capsule endoscopy. The combination of Covidien’s established global presence and Given Imaging’s innovative capabilities has the potential to transform this market,” said Homi Shamir, CEO of Given Imaging, in a statement issued by Covidien.
The PillCam is a non-sedation, swallowed optical endoscopy technology for the small bowel, esophagus and colon. In total, Given Imaging has seven product lines across 21 GI disease states.
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