Covidien to acquire Power Medical Interventions
31 July 2009
Covidien (NYSE: COV) has announced that the company has reached a
definitive agreement to acquire Power Medical Interventions, Inc.
(OTCBB: PMII), a provider of computer-assisted, power-actuated surgical
cutting and stapling products, for approximately $64 million. The
company says the transaction is expected to be completed by September
25, 2009.
PMI’s first powered stapling platform, the SurgAssist, was introduced
in 2001 and has been used in more than 45,000 procedures globally. Over
the last two years, the company has introduced wireless Intelligent
Surgical Instruments that have the potential to revolutionize and expand
minimally invasive surgery applications, as well as enable novel
surgical procedures to benefit surgeons, patients, hospitals and
healthcare networks. Covidien, which develops technology for advanced
surgical procedures, is a world leader in surgical stapling.
“By combining these technological assets with our global
infrastructure, we will be delivering differentiated solutions to our
customers,” said Scott Flora, President, Surgical Devices, Covidien. “As
a pioneer in surgical stapling, we are committed to providing healthcare
technology that enables advanced surgical techniques and improves
patient outcomes.”
“We are excited to join Covidien’s Surgical Devices business unit and
look forward to establishing a technology platform that will advance
surgical stapling and instrumentation beyond the capabilities of
existing manually operated devices,” said Michael Whitman, President and
Chief Executive Officer, PMI.
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