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.