Covidien to purchase Given Imagining

Covidien has announced that it will be acquiring Given Imaging, a move that will strengthen its capabilities in the multibillion-dollar global gastrointestinal market.

Given Imaging is responsible for one of the broadest technology platforms for visualising, diagnosing and monitoring the digestive system. Its portfolio includes the flagship PillCam product, an innovative swallowed capsule endoscope.

A $860 million (525.65 million pounds) deal has been agreed to acquire all of outstanding shares of Given Imaging, a transaction that is expected to be completed by the end of the first quarter of 2014.

It advances Covidien's strategy to more comprehensively address key specialties and procedures globally, while accelerating the development of its world-class gastrointestinal portfolio.

Bryan Hanson, group president for medical devices at Covidien, said: "Adding Given's portfolio of diagnostics to our portfolio accelerates Covidien's strategy of providing physicians with products that support the patient along the care continuum from diagnosis to treatment."

This comes after the firm agreed a deal to sell its Confluent Surgical product line to Integra LifeSciences in a deal worth around $265 million in October 2013.