by
Brendon Nafziger, DOTmed News Associate Editor | April 06, 2012
Covidien said Thursday it would buy Oridion Systems Ltd., an Israeli manufacturer of patient monitoring equipment, for $300 million cash.
Covidien said it was buying the company for $23 per share, a 76 percent premium on its Wednesday closing price. The deal was approved unanimously by the boards of both companies, but is subject to Oridion shareholder approval and customary closing conditions. If all goes well, the deal should wrap up in the second quarter.
Oridion makes equipment that measures carbon dioxide in patients' breath. The company, which had yearly revenue last year of about $64.5 million, would report to Covidien's oximetry and monitoring division, should the sale go through.
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Covidien said the transaction wouldn't have a "material impact" on its fiscal 2012 sales or profits.
Oridion is based in Jerusalem.
