Covidien Ltd. (NYSE: COV) has acquired Scandius Biomedical Inc., a Littleton, Mass.-based developer of devices for sports-related surgeries. No financial terms were disclosed. Scandius had raised over $13 million in VC funding since 2002, from firms like KBL Healthcare Ventures, NewSpring Capital, Stockton Ventures and Ivy Capital Partners.
Covidien Ltd. (NYSE: COV, BSX: COV), a leading global provider of healthcare products, announced today that one of its subsidiaries has acquired Scandius Biomedical Inc., a developer of devices for sports-related surgeries. Financial terms were not disclosed.
Located in Littleton, MA, Scandius Biomedical uses a network of distributors to sell proprietary products for arthroscopic reconstruction of the Anterior Cruciate Ligament (ACL): the Stratis(R) ST Femoral Fixation System and the TriTis(R) Tibial Fixation System. The systems consist of instrumentation and both non-absorbable and bioabsorbable polymer implants.
Covidien's Medical Devices segment currently sells a range of products for sports-related surgeries, including soft tissue repair devices and access products.
“The acquisition of Scandius Biomedical demonstrates our commitment to the growing sports surgery market and enables us to further capitalize on our historic strengths in minimally invasive surgery,” said Scott Flora, President, Surgical Devices, Covidien. “With the combination of Scandius Biomedical products and those we have developed internally, Covidien will be able to offer our customers innovative soft tissue repair devices for common sports surgery procedures.”
Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines, including Surgical Devices, Energy-based Devices, Respiratory and Monitoring Solutions, Patient Care and Safety Products, Imaging Solutions, Pharmaceutical Products, Medical Supplies and Retail Products. With 2006 revenue of nearly $10 billion, Covidien has more than 43,000 employees worldwide in 57 countries, and its products are sold in over 130 countries. Please visit www.covidien.com to learn more about our business.