Continuing spending spree, Covidien adds Oridion
Covidien has announced a definitive agreement to acquire Oridion, an Israeli maker of ventilation-monitoring products, for about $300 million.
The transaction will be structured as a merger, according to a statement from Covidien. Assuming approval of Oridion’s shareholders, customary closing conditions and receipt of relevant regulatory approvals, the firms expect to seal the deal in the second quarter.
The merger marks Covidien’s third such purchase in less than a month. In March it scooped up ventilator maker Newport Medical of Costa Mesa, Calif., and pulmonology player superDimension of Herzliya, Israel.
The $11.6 billion company’s aggressive expansion in medical devices comes as it seeks to spin off its drug business into a standalone public company.
Covidien has corporate offices in Mansfield, Mass., and Dublin.
The transaction will be structured as a merger, according to a statement from Covidien. Assuming approval of Oridion’s shareholders, customary closing conditions and receipt of relevant regulatory approvals, the firms expect to seal the deal in the second quarter.
The merger marks Covidien’s third such purchase in less than a month. In March it scooped up ventilator maker Newport Medical of Costa Mesa, Calif., and pulmonology player superDimension of Herzliya, Israel.
The $11.6 billion company’s aggressive expansion in medical devices comes as it seeks to spin off its drug business into a standalone public company.
Covidien has corporate offices in Mansfield, Mass., and Dublin.
Dave P. has worked in journalism, marketing and public relations for more than 30 years, frequently concentrating on hospitals, healthcare technology and Catholic communications. He has also specialized in fundraising communications, ghostwriting for CEOs of local, national and global charities, nonprofits and foundations.