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.
Covidien, headquartered in Mansfield, Mass., will incorporate CV’s business into its vascular product line. The buyer develops and manufactures medical devices, pharmaceuticals and medical supplies. Terms of the deal were not disclosed.