Covidien closes $310M Oridion deal

Covidien ($COV) closed its purchase of Oridion Systems, a Jerusalem-based developer of medical devices and patient interfaces. The final price came to about $310 million, net of cash and acquired investments, according to the deal closure announcement.

For Covidien, the acquistion is all about complementing its existing products. Specifically, the company said Oridion's products and monitoring technology will complement its own oximeter and respiratory monitoring product lines.

Oridion's products help monitor respiratory ventilation and indicate if a patient has trouble breathing.

For Covidien, the first part of 2012 has been all about strategic acquisitions. In May, the company closed a $108 million purchase of Newport Medical Instruments, which makes ventilators sold in more than 115 countries. And the company has also snatched up Israel's PolyTouch Medical for an undisclosed price.

Covidien generated $2 billion in device sales during its second quarter of fiscal 2012, resulting in a 7% jump. Net sales overall increased 5% to $2.95 billion, an increase Covidien credited to new products and increased sales volume.

- here's the release

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