Covidien (NYSE:COV) reportedly paid $100 million to acquire New Wave Surgical and its medical device for keeping endoscope lenses clear during surgeries.
A letter posted on Pompano Beach, Fla.-based New Wave’s website from Covidien sales vice president Jeff Koziol March 28 says the company is now a part of Mansfield, Mass.-based Covidien.
The purchase price was more than $100 million, according to the Miami Herald, although New Wave founder Alexander Gomez declined to confirm the amount to the newspaper.
A Covidien spokesman confirmed the deal to MassDevice.com today, but declined to confirm the purchase price.
New Wave makes the Defogging Heated Endoscopic Lens Protector (or D-Help) system, designed to keep the lens of a surgical endoscope defogged and clean during procedures. Covidien changed the name of the device to the Clearify Visualization System, according to Koziol’s letter.
Gomez told the newspaper that New Wave lacked the scale to bring its device to global markets and was having difficulty raising capital to fund an expansion.
"We had been growing very quickly. We were getting orders from around the world. I knew I wanted to make it the standard of care. With Covidien, now it really can dominate," Gomez said.
New Wave, which employs about 145 workers, posted sales of $21 million last year, according to the report.
