CV Ingenuity’s core technology Drug Coated Balloon (DCB), which features a proprietary, tunable, rapid-release system, is still under the investigational phase.

Under the acquisition, CV Ingenuity’s business will now be a part of Covidien’s s vascular product line in the medical devices segment.

Covidien vascular therapies president Stacy Enxing Seng said the company is committed to being the clear first choice for its physician and hospital partners by delivering technology to improve patient outcomes.

"We are pleased to add both the talented team members at CV Ingenuity as well as their promising DCB technology to our growing portfolio of vascular products," Seng added.

The financial details of the transaction have not been disclosed.