All outstanding shares of Given Imaging have been acquired by Covidien for $30 per share or an aggregate consideration of approximately $860m, net of cash and short-term investments acquired.

According to Covidien, this acquisition allows the company to have one of the broadest portfolios for visualizing, monitoring and detecting abnormalities in the digestive system.

A key technology in Given Imaging’s portfolio is the worldwide market leading product PillCam. PillCam is a minimally-invasive, swallowed optical endoscopy technology for the small bowel, esophagus and colon that does not require sedation of the patient.

Covidien Medical Devices and US group president Bryan Hanson noted acquiring Given Imaging significantly expands Covidien’s GI Solutions business and supports the company’s strategy to comprehensively address key global specialties and procedures.

"We are committed to providing clinicians with more accurate and efficient diagnostic technologies to help achieve better outcomes for patients," Hanson added.

Image: Given Imaging’s PillCam Colon video capsule. Photo: Courtesy of BusinessWire/Covidien plc