Covidien agrees to acquire esophageal radiofrequency ablation device maker Barrx for $325 million in a deal expected to close by January 31, 2012.
Covidien (NYSE:COV) agreed to acquire Sunnyvale, Calif.-based device maker Barrx Medical Inc. for $325 million.
Barrx, a private company, specializes in minimally invasive radiofrequency ablation systems that target precancerous tissue in the esophagus.
Covidien will acquire all outstanding Barrx stock in a deal slated to close by January 31, 2012, according to a press release.
"Barrx Medical products and technology complement our current portfolio of energy-based products and will broaden our presence in the global gastrointestinal market," Covidien surgical solutions group president Bryan Hanson said in prepared remarks.
Barrx's portfolio includes the Haloflex ablation system, which includes a radiofrequency generator and multiple catheters. The catheters deliver the radiofrequency energy to diseased tissue in the esophagus and to reduce bleeding associated with some chronic diseases, according to a press release.
The news hasn't done much for COV on Wall Street, where shares were down 2 percent to $44.61 in afternoon trading.
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