Covidien agreed deal to purchase CV Ingenuity

Covidien has announced the acquisition of US-based medical technology firm CV Ingenuity, a deal that is expected to close during the first quarter of 2013.

Headquartered in California, CV Ingenuity develops solutions to relieve vascular obstructions, inhibit restenosis and allow natural vessel healing among peripheral arterial disease patients, making it a valuable addition to Covidien's vascular division.

Its core technology is a drug-coated balloon platform with a proprietary tunable rapid-release system, which remains in the investigational phase.

As a result of this purchase, Covidien expects to increase research and development spending for the next several years to fund the clinical development of CV Ingenuity's technologies.

Stacy Enxing Seng, president for vascular therapies at Covidien, said: "We continue to be focused on technologies that deliver improved patient care, delighting both our physician and hospital system customers."

This comes after the firm reported positive data from a study assessing the benefits offered by its ClosureFast radiofrequency ablation system earlier this month.