Covidien (NYSE: COV) will acquire CV Ingenuity, a medical technology company.

Fremont, Calif.-based CV develops technology that gets rid of vascular obstructions and aims to allow vessels to heal. The company is in the investigational phases of developing a drug-coated balloon, which it expects to receive U.S. Food and Drug Administration approval in 2017. The company got more than $11 million in venture funding in November.

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