Covidien ($COV) has wrapped up its acquisition of startup CV Ingenuity, snagging the rights to the company's in-development drug-coated balloon designed to treat peripheral artery disease.
The financial terms remain closely kept, but Covidien has said it will increase R&D spending by $20 million in the second half of fiscal 2013, and much of that cash will go into polishing up CV's rapid-release balloon for a regulatory debut.
The newly acquired company will be rolled into Covidien's vascular business, and unit President Stacy Enxing Seng said the addition of CV's technology and team will help the company grow its market share.
CV's balloon targets PAD and can relieve vascular obstructions, inhibit restenosis and allow natural vessel healing, Covidien says. The company is targeting 2017 for FDA approval.
The CV deal is just the latest in Covidien's string of acquisitions, coming after the company paid $310 million for Oridion Medical and its monitoring technology, $108 million for ventilator-maker Newport Medical and up to $230 million to acquire Maya Medical and jump into the renal denervation market.
- read Covidien's announcement