Covidien to buy pulmonology device maker for $300M
Covidien has launched a definitive agreement to acquire superDimension, a developer of minimally invasive interventional pulmonology devices based in Herzliya, Israel.
Dublin-based Covidien will purchase superDimension’s outstanding capital stock for approximately $300 million, with future earnout payments possible. The transaction, subject to customary closing conditions, including receipt of certain regulatory approvals, is expected to conclude in the second calendar quarter of 2012.
superDimension’s i·Logic system uses electromagnetic navigation bronchoscopy to provide minimally invasive access to lesions in the lungs as well as mediastinal lymph nodes.
Assuming a second calendar quarter 2012 closing, Covidien does not expect this transaction to have a material impact on its fiscal 2012 sales. The transaction will be slightly dilutive to fiscal 2012 earnings per share; however, the underlying strength of Covidien's existing businesses is expected to offset a majority of this dilution.
Once the transaction is complete, Covidien will report the superDimension business in the Endomechanical product line within the medical devices segment.
Dublin-based Covidien will purchase superDimension’s outstanding capital stock for approximately $300 million, with future earnout payments possible. The transaction, subject to customary closing conditions, including receipt of certain regulatory approvals, is expected to conclude in the second calendar quarter of 2012.
superDimension’s i·Logic system uses electromagnetic navigation bronchoscopy to provide minimally invasive access to lesions in the lungs as well as mediastinal lymph nodes.
Assuming a second calendar quarter 2012 closing, Covidien does not expect this transaction to have a material impact on its fiscal 2012 sales. The transaction will be slightly dilutive to fiscal 2012 earnings per share; however, the underlying strength of Covidien's existing businesses is expected to offset a majority of this dilution.
Once the transaction is complete, Covidien will report the superDimension business in the Endomechanical product line within the medical devices segment.