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Covidien to put at least $50M in new drug-coated balloon acquisition

Mon, 12/31/2012 - 7:59am
Mass Device

Medical device company Covidien expects to put at least $50 million toward R&D to progress drug-coated balloon technologies its about to acquire from CV Ingenuity.

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Massachusetts medical device company Covidien (NYSE:COV) signed a definitive agreement to acquire drug-coated balloon maker CV Ingenuity, planning to put millions toward R&D over the next 2 years.

The terms of the buyout were not disclosed, but Covidien did say it would spend at least $50 million to develop CV's technologies, breaking that down into at least $20 million in anticipated R&D costs during the 2nd half of fiscal 2013 and another $30 million in fiscal 2014.

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