An Irish company will purchase Given Imaging Ltd., an Israeli firm that developed a swallowable camera to diagnose problems in the digestive tract.
Covidien Plc agreed to acquire Given Imaging from shareholders of IDB Holding Corp. Ltd. for about $860 million, it was reported Sunday. Given Imaging is the inventor of the PillCam, a swallowed optical endoscopy technology.
Covidien acquired three other Israeli medical device companies, all in 2012, according to the Israeli business daily Globes.
IDB subsidiaries Discount Investment Corp., Elron Electronic Industries and Rafael Development Corp. hold stakes in Given Imaging. The three companies were set to approve the deal on Sunday. The deal also must be approved by shareholders of Given Imaging.
Given Imaging is expecting to be approved by the US Federal Drug Administration next year to sell PillCam Colon in the United States, according to Haaretz.