Covidien to acquire Power Medical Interventions

31 July 2009

Covidien (NYSE: COV) has announced that the company has reached a definitive agreement to acquire Power Medical Interventions, Inc. (OTCBB: PMII), a provider of computer-assisted, power-actuated surgical cutting and stapling products, for approximately $64 million.  The company says the transaction is expected to be completed by September 25, 2009.

PMI’s first powered stapling platform, the SurgAssist, was introduced in 2001 and has been used in more than 45,000 procedures globally. Over the last two years, the company has introduced wireless Intelligent Surgical Instruments that have the potential to revolutionize and expand minimally invasive surgery applications, as well as enable novel surgical procedures to benefit surgeons, patients, hospitals and healthcare networks. Covidien, which develops technology for advanced surgical procedures, is a world leader in surgical stapling.

“By combining these technological assets with our global infrastructure, we will be delivering differentiated solutions to our customers,” said Scott Flora, President, Surgical Devices, Covidien. “As a pioneer in surgical stapling, we are committed to providing healthcare technology that enables advanced surgical techniques and improves patient outcomes.”

“We are excited to join Covidien’s Surgical Devices business unit and look forward to establishing a technology platform that will advance surgical stapling and instrumentation beyond the capabilities of existing manually operated devices,” said Michael Whitman, President and Chief Executive Officer, PMI.

Bookmark this page

To top