Covidien closes drug-coated balloon buyout
The financial terms remain closely kept, but Covidien has said it will increase R&D spending by $20 million in the second half of fiscal 2013, and much of that cash will go into polishing up CV's rapid-release balloon for a regulatory debut.
The newly acquired company will be rolled into Covidien's vascular business, and unit President Stacy Enxing Seng said the addition of CV's technology and team will help the company grow its market share.
The CV deal is just the latest in Covidien's string of acquisitions, coming after the company paid $310 million for Oridion Medical and its monitoring technology, $108 million for ventilator-maker Newport Medical and up to $230 million to acquire Maya Medical and jump into the renal denervation market.
- read Covidien's announcement