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Covidien acquires vascular device company Reverse Medical Corporation
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Covidien plc has acquired Reverse Medical Corporation, a privately held medical device company focused on expanding the management of vascular disease. Financial terms of the transaction were not disclosed.
"The acquisition of Reverse Medical is complementary to our existing portfolio and will allow us to leverage existing vascular technologies to compete in the worldwide vascular embolization market, which is growing at a double digit rate," said Brett Wall, president of the neurovascular division Covidien.
Reverse Medical is currently commercializing its vascular embolization plugs, MVPMicro Vascular Plug System and UNO Neurovascular Embolization System. MVP and UNO are self-expanding vessel occlusion devices, which close blood vessels for vascular embolization. A number of clinical applications require occlusion of the vasculature to rapidly, effectively and safely provide blood flow cessation.
Other Reverse Medical products include ReVerse Microcatheter for device delivery and Barrel Vascular Reconstruction Device (VRD), a self-expandable bifurcation aneurysm bridging device. All the devices have received CE Mark approval and are commercially available in Europe. Additionally, MVP-3 and MVP-5 are 510(k) cleared in the U.S.
In June, Covidien and Medtronic announced plans to merge. The deal is estimated to be worth $43 billion.