Covidien has announced it will acquire CV Ingenuity, according to a news release.
CV Ingenuity is a privately held company based in Fremont, Calif., that describes itself as a "medical device company focused on improving patient outcomes in the treatment of vascular disease by providing solutions to relieve vascular obstructions, inhibit restenosis and allow natural vessel healing." Its core technology is a drug coated balloon platform.
"We continue to be focused on technologies that deliver improved patient care, delighting both our physician and hospital system customers," said Stacy Enxing Seng, president, vascular therapies for Covidien, in the release. "CV Ingenuity offers a robust DCB portfolio, and offering a DCB technology is something that we believe is necessary to continue to improve care for patients suffering from PAD, as well as ensuring we are a full line partner with our customers today and into the future."
The companies expect to complete the acquisition in the first calendar quarter of 2013. Financial terms of the transaction were not disclosed.
Covidien has its U.S. headquarters in Mansfield, Mass.
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