- Covidien plc, a leading global provider of healthcare products, said it had completed the previously announced acquisition of BÂRRX Medical, Inc., for an aggregate consideration of approximately $325 million, net of cash and short-term investments acquired.
Pursuant to the terms of the acquisition agreement, Covidien will acquire all of the outstanding capital stock of BÂRRX, a private company, with additional future earn-out payments made upon achievement of certain milestones.
“This is an exciting day for both Covidien and BÂRRX Medical,” said Bryan Hanson, Group President, Surgical Solutions, Covidien. “We are embarking on a promising future, with this acquisition providing a new growth platform for our business. We look forward to accelerating the growth of the HALO ablation technology product line and expanding it worldwide.”
“Covidien offers many advantages to BÂRRX Medical that support our mission in long-term growth and value to patients,” said Greg Barrett, President and CEO, BÂRRX Medical. “Together we’ll be able to leverage our core strengths to improve and develop new RF technologies.”