Covidien Completes Acquisition of BÂRRX Medical, Inc.
DUBLIN, Ireland, January 5, 2012 -- Covidien plc (NYSE: COV), a leading global provider of healthcare products, today announced that it has completed the previously announced acquisition of BÂRRX Medical, Inc., for an aggregate consideration of approximately $325 million, net of cash and short-term investments acquired.
Pursuant to the terms of the acquisition agreement, Covidien will acquire all of the outstanding capital stock of BÂRRX, a private company, with additional future earn-out payments made upon achievement of certain milestones.
“This is an exciting day for both Covidien and BÂRRX Medical,” said Bryan Hanson, Group President, Surgical Solutions, Covidien. “We are embarking on a promising future, with this acquisition providing a new growth platform for our business. We look forward to accelerating the growth of the HALO ablation technology product line and expanding it worldwide.”
“Covidien offers many advantages to BÂRRX Medical that support our mission in long-term growth and value to patients,” said Greg Barrett, President and CEO, BÂRRX Medical. “Together we’ll be able to leverage our core strengths to improve and develop new RF technologies.”
Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in three segments: Medical Devices, Pharmaceuticals and Medical Supplies. With 2011 revenue of $11.6 billion, Covidien has 41,000 employees worldwide in more than 65 countries, and its products are sold in over 140 countries. Please visit www.covidien.com to learn more about our business.