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.
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