Healthcare Business News
 


Takeover target Covidien still buying, picks up vascular-device maker


By Bob Herman
Posted: August 22, 2014 - 2:00 pm ET
Tags:

Irish medical product supplier Covidien, which is being taken over by devicemaker Medtronic, has made an acquisition of its own. Covidien has bought Irvine, Calif.-based Reverse Medical Corp., a privately held company that makes endovascular devices.

Terms of the deal were not revealed. Covidien does not expect the transaction will greatly influence financial performance company-wide.

Reverse Medical's main U.S. products are its MVP Micro Vascular Plug System and ReVerse Microcatheter, both of which have Food and Drug Administration clearance. The devices help physicians who perform minimally invasive endovascular surgeries, which occur via blood vessels.

Advertisement | View Media Kit

 

Reverse Medical will become part of Covidien's neurovascular segment, which has similar products.

“The acquisition of Reverse Medical is complementary to our existing portfolio and will allow us to leverage existing vascular technologies to compete in the worldwide vascular embolization market, which is growing at a double-digit rate,” Brett Wall, president of Covidien's neurovascular products, said in a release.

Covidien and Medtronic are expected to complete their deal this year, with Medtronic ultimately moving its headquarters to Dublin. Covidien struggled in its most recent quarter, reporting profits fell by 22% to $306 million.

Follow Bob Herman on Twitter: @MHbherman


What do you think?

Share your opinion. Send a letter to the Editor or Post a comment below.

Post a comment

Loading Comments Loading comments...

Search ModernHealthcare.com:


 

Switch to the new Modern Healthcare Daily News app

For the best experience of ModernHealthcare.com on your iPad, switch to the new Modern Healthcare app — it's optimized for your device but there is no need to download.