Covidien (NYSE:COV) isn’t letting its impending acquisition by Medtronic (NYSE:MDT) slow down its own merger activity, announcing today that it acquired Reverse Medical and its line of vascular devices for an unspecified amount.
The move adds Reverse Medical’s CE-Marked Barrel brain aneurysm device, UNO neurovascular embolization system and MVP micro-vascular plugs to Mansfield, Mass.-based Covidien’s neurovascular segment.
"Covidien is focused on technologies that deliver improved patient care through clinically relevant and economically valuable solutions," neurovascular president Brett Wall said in prepared remarks. "The acquisition of Reverse Medical is complementary to our existing portfolio and will allow us to leverage existing vascular technologies to compete in the worldwide vascular embolization market, which is growing at a double-digit rate."
Reverse Medical rang up a series of regulatory wins in past months, including FDA approval of an investigational device exemption trial for the Barrel device (which won European CE Mark approval late last year); E.U. approval for its UNO neurovascular embolization system; and FDA clearance for the MVP-5. The Irvine, Calif.-based company’s ReVerse microcatheter is also cleared for sale in the EuroZone, according to a press release, and the MVP-3 and MVP-5 devices have landed 510(k) clearance from the FDA.
Covidien said the annualized dilution of the buyout "is not expected to be material."