Covidien Buying superDimension For About $300M
Covidien PLC, the Irish medical device and drugmaker, said Monday that it had agreed to buy Israel-based superDimension Ltd. for about $300 million initially plus possible future payments.
The privately held company develops minimally invasive interventional pulmonology devices. Its annual sales total about $30 million, Covidien said.
The deal, which is subject to customary closing conditions and regulatory approvals, is expected to close in the second quarter of 2012.
SuperDimension's iLogic system uses electromagnetic navigation bronchoscopy to provide access to lesions deep in the lungs. By extending the reach of conventional bronchoscopes, the system makes it easier for doctors to evaluate lung lesions, potentially allowing safer, more effective tissue biopsies.
Covidien said it doesn't expect the acquisition to have a significant impact on its fiscal 2012 sales, but it's expected to slightly lower its fiscal 2012 earnings per share.