Covidien purchases vascular devices business ev3

Covidien has announced the completion of its move to acquire ev3, a medical device company which specialises in the vascular market.

The firm completed the deal at the end of last week and is now set to incorporate the newly-acquired business as part of the vascular products line in its medical devices unit.

By purchasing ev3, Covidien has been able to augment its portfolio of products with new technologies including stents, peripheral angioplasty balloons, plaque excision systems and embolic protection devices.

Covidien explained that the deal has been agreed in order to strengthen its position in the endovascular market.

Richard Meelia, chairman, president and chief executive officer of Covidien, said: “With its broad product portfolio, clinical expertise and call-point synergies with our existing vascular franchise, ev3 will be an important addition to our innovative vascular intervention products.”

This comes after Covidien announced last month that it is to acquire cerebral and somatic oximetry specialist Somanetics, a deal expected to close at the end of this month.