Generates Opportunity to Leverage Existing Vascular Technologies and Customer Relationships to Drive Increased Market Penetration
Covidien plc has announced it 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.
“Covidien is focused on technologies that deliver improved patient care through clinically relevant and economically valuable solutions,” said Brett Wall, president, Neurovascular, Covidien. “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.”
Covidien will report the Reverse Medical business as part of its Neurovascular product line in the Medical Devices segment. Annualized dilution is not expected to be material.
Reverse Medical is currently commercializing its vascular embolization plugs, MVP Micro 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.