Med-tech titan Covidien (NYSE:COV) continued its M&A spree in Israel, picking up hernia mesh maker PolyTouch Medical Ltd.
It’s Covidien’s 3rd Israeli transaction in Israel since February and its 4th overall.
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"Financial terms of the deal were not disclosed as they were not material to Covidien," company spokesman Bruce Farmer told MassDevice.com today.
An Israeli news source reported that PolyTouch went for $30-$40 million, but Covidien declined to comment on that figure.
PolyTouch Medical develops hernia mesh placement technologies. Its flagship product, the PatchAssist – later developed into the AccuMesh system – enables mesh deployment and placement during laparoscopic repair procedures.
"We are thrilled to have found a partner in Covidien for PatchAssist," PolyTouch founder & CEO Ofek Levin said in prepared remarks. "The rapid development of our technological platform and our success in gaining FDA clearance for this important product has resulted in this transaction."
The Mansfield, Mass.-based device maker in recent months spent $300 million for patient monitoring device maker Oridion (SWF:ORIDN), $108 million for Newport Medical Instruments and $300 million plus possible earnouts for superDimension.
Both Oridion and superDimension are based in Israel. Newport Medical is headquartered in Costa Mesa, Calif.
The Mansfield, Mass.-based med-tech titan said early last month that it launched 4 new research & development centers across the globe and hopes to release more than 50 new products over the next 2 years, investing more than $40 million in new centers that add 50 new product development labs.
COV shares were down 0.5% to $55.04 as of about 1:45 p.m. today.
