Mansfield-based Covidien, a large medical device company which cut about 70 jobs last month, will acquire Given Imaging Ltd., purchasing all of it's shares for about $860 million or $30 per share, according the to Sun Chronicle.
Given develops diagnostic and monitoring products for the digestive system and has seven product lines, including the PillCam, an endoscope enclosed in a capsule that can be swallowed.
The acquisition, subject to approval from various regulatory reviews and Given’s shareholders, would expand Convidien's reach into gastrointestinal imaging, a multibillion dollar global market.
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