Posted on 18/06/2010 in Medical Company Restructures Covidien is to acquire cerebral and somatic oximetry specialist Somanetics in a deal which will allow it to broaden its monitoring technology portfolio.
The definitive merger agreement signed by the two companies will see Covidien pay around $250 million (168.2 million pounds) to acquire all outstanding shares in Somanetics, with the deal expected to close by July 31st 2010.
It will allow Covidien to add new products to its medical device line-up such as the INVOS Cerebral/Somatic Oximeter, a non-invasive units designed to monitor blood oxygen levels among those at risk of blood flow restrictions.
Covidien already acts as a distributor of Somanetics products in Europe.
Pete Wehrly, president of respiratory and monitoring solutions at Covidien, said the takeover will help the firm to "achieve our mission of enhancing the quality of life and improving patient outcomes".
He added: "The acquisition of Somanetics will allow Covidien to broaden our product offerings and add another market-leading monitoring technology to its portfolio."
Earlier this month, Covidien announced the launch of V-Loc 90, a new knotless wound closure product which acts faster than the previous V-Loc 180 system.Other news stories from 18/06/2010
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