Covidien Buys Privately Held Reverse Medical; Terms Not Disclosed - Quick Facts

(RTTNews) - Medical device maker Covidien Ltd. (COV), which is in a deal to be bought by larger rival Medtronic, Inc. (MDT), Friday announced it has acquired Reverse Medical Corp., a privately held medical device company. Financial terms of the transaction were not disclosed.

Reverse Medical is focused on expanding the management of vascular disease. It is currently commercializing its vascular embolization plugs, MVP Micro Vascular Plug System and UNO Neurovascular Embolization System. MVP and UNO are self-expanding vessel occlusion devices, which close blood vessels for vascular embolization.

Covidien said it will report the Reverse Medical business as part of its Neurovascular product line in the Medical Devices segment. Annualized dilution is not expected to be material.

Brett Wall, president, Neurovascular, Covidien, said, "Covidien is focused on technologies that deliver improved patient care through clinically relevant and economically valuable solutions. 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."