Covidien Completes Given Imaging Takeover
Covidien has closed its acquisition of Given Imaging, providing the company additional scale and scope to serve the significant medical specialty of capsule endoscopy. Acquiring Given Imaging significantly expands Covidien's business and supports the company's strategy to address key global specialties and procedures.
Under terms of the merger agreement, Covidien acquired all outstanding Given Imaging shares for US$30 per share, or an aggregate consideration of approximately US$860mn, net of cash and short-term investments acquired.
With this acquisition, Covidien believes that it now has one of the broadest portfolios for visualising, monitoring and detecting abnormalities in the digestive system. A key technology in the Given Imaging portfolio is the worldwide market leading product PillCam, a minimally invasive, swallowed optical endoscopy technology for the small bowel, oesophagus and colon that does not require sedation of the patient.