Covidien (NYSE:COV) is set to close a $350 million buyout of Israeli lung diagnosis firm superDimension by the end of the week, according to Israeli business journal Calcalist.
Founded in Tel Aviv by Pinchas Gilboa, Minneapolis-based superDimension, which employs about 120 people worldwide, also has offices in Dusseldorf, Germany.
Yesterday rumors swirled on Wall Street about a possible buyout, with Johnson & Johnson (NYSE:JNJ) and Medtronic (NYSE:MDT) mentioned as potential suitors, alongside Covidien.
The company’s i-Logic electromagnetic navigation bronchoscope is used to diagnose pulmonary diseases like emphysema, cancer and tuberculosis, using a technology based on electromagnetic tracking, image processing and endoscopy. The sysem won CE Mark approval in the European Union in 2002 and 510(k) clearance from the FDA in 2004.
superDimension has drummed up about $120 million from backers, Calcalist reported, and posted sales of about $30 million last year. The company followed a $25 million funding round in September 2010 with an $11 million round a year later, according to the newspaper. Backers include Pitango, Medica Venture Partners, Orbimed, Pfizer, Axiom fund founder Efi Gildor, Evergreen, Gemini, Oxford Bioscience Partners, Mi3 and Fidelity, according to Calcalist.
"Covidien does not comment on market rumors or speculation," a spokeswoman told MassDevice.com via email.
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