Covidien (NYSE:[[ticker:COV]]), a healthcare products company, says today it has inked a deal to buy the medical devices firm ev3 (NASDAQ:[[ticker:EVVV]]) for $22.50 per share in cash or a total of $2.6 billion. Plymouth, MN-based ev3, founded in 2000, specializes in medical devices for treating vascular disease in certain parts of the body outside of the heart, such as the arms, legs, and brain. Last year the company recorded $41.9 million in profit on revenue of $449.1 million, according to its annual report. Covidien—which is incorporated in Ireland but has its global headquarters in Mansfield, MA—expects to close on its purchase of ev3 by July 31.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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