Covidien buys Power Medical Interventions
This article was originally published in The Gray Sheet
Executive SummaryFirm will acquire Power Medical Interventions, maker of computer-assisted surgical cutting and stapling products, for about $64 million including debt, in an all-cash tender offer. The Langhorne, Pa.-based firm had 2008 revenues of $9 million. PMI's products include the SurgAssist power stapler and wireless Intelligent Surgical Instruments, such as the firm's i60 articulating endoscopic linear cutter for laparoscopic surgery. PMI also has standing agreements with Intuitive Surgical to jointly develop a novel surgical stapling device that will attach to Intuitive's da Vinci surgical system. Covidien said in a July 30 third-quarter earnings call it will honor those agreements and "look[s] forward to working with Intuitive." PMI's stock price rose 250% from $0.58 to $2.03 following the July 29 announcement. The deal is expected to close by Sept. 25. A Covidien subsidiary will pay $2.08 per share for PMI's common stock
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