Free Webinar | August 16th
Find out how to optimize your website to give your customers experiences that will have the biggest ROI for your business.
Register Now »
It's not just your photo-snapping smartphone that's a hot commodity these days.
Israel-based Given Imaging, the maker of a swallowable pill camera called PillCam, agreed to be purchased by Dublin-based Covidien for $30 per share in cash for a total of approximately $860 million, according to a joint announcement released yesterday.
The deal will give health-care products company Covidien additional reach into the gastrointestinal market, which the Irish healthcare company says is a multibillion dollar industry.
The technology behind the PillCam is simple, but fascinating. A patient ingests the PillCam and a teeny tiny camera inside the pill takes images of the small intestine, esophagus and colon and then wirelessly transmits the images for a physician to examine.
Covidien says its purchase of Given Images “confirms our leadership in developing less-invasive screening, diagnosis and treatment solutions that can improve patient outcomes and lower healthcare costs,” according to the announcement.
Related: A Dose of Advice for Health-Tech Startups (Video)
Catherine Clifford
Catherine Clifford is senior entrepreneurship writer at CNBC. She was formerly a senior writer at Entrepreneur.com, the small business reporter at CNNMoney and an assistant in the New York bureau for CNN. Clifford attended Columbi...
Read more
