DUBLIN — Covidien will acquire a company that markets a swallowed capsule used in medical imaging for $860 million, the hospital equipment manufacturer said Sunday.
Covidien announced a deal to acquire all outstanding shares of Given Imaging for $30 a share. Given Imaging specializes in products for visualizing, diagnosing and monitoring the digestive system, including its flagship product, PillCam.
"We believe [gastrointestinal] is one of the most attractive specialty procedure areas," Covidien group president for medical devices and the United States Bryan Hanson said. "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. It also confirms our leadership in developing less-invasive screening, diagnosis and treatment solutions that can improve patient outcomes and lower healthcare costs."