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Covidien makes Israeli shopping spree
Posted By Viva Sarah Press On April 8, 2012 @ 4:46 pm In | No Comments
Covidien, the international innovator in patient monitoring and respiratory care devices, has bought up two Israeli medical device companies in the last few weeks.
Covidien has announced that it acquired Oridion Systems, the Jerusalem-based provider of medical systems to monitor breathing, for a reported $300 million.
“The acquisition of Oridion Systems adds a key monitoring technology to the Covidien portfolio,” said Robert J. White, President, Covidien’s Respiratory & Monitoring Systems. “Oridion’s products and etCO2 technology are excellent complements to the Company’s current portfolio of pulse oximeters and monitoring products, enabling us to offer a complete portfolio of solutions to monitor respiratory function for patients around the world.”
In March, the global healthcare products company purchased SuperDimension, the Israeli medical device company that develops minimally-invasive pulmonology devices, for an almost identical sum of about $350 million.
“Covidien’s strategy is to invest in clinically and economically relevant products and technologies which can meaningfully improve patient outcomes while reducing the overall cost of care,” said Bryan Hanson, President, Surgical Solutions, Covidien. “The acquisition of superDimension will position Covidien to continue its investment in meaningful innovation by delivering more comprehensive solutions in the evaluation and treatment of lung diseases.”
“We are very pleased that Covidien has elected to acquire SuperDimension,” said Daniel J. Sullivan, President and Chief Executive Officer – SuperDimension. “This partnership will immediately strengthen our worldwide commercial infrastructure, expanding the benefits of the i•Logic System and Electromagnetic Navigation Bronchoscopy to a wider patient population.”
Covidien reported a 2011 revenue of $11.6 billion. The medical device giant has 41,000 employees worldwide in more than 65 countries, and its products are sold in over 140 countries.
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