PolyTouch Acquired by Covidien

By Gali Weinreb, Globes (April 30, 2012) Covidien buys hernia mesh co PolyTouch for $30-40m • This is the third acquisition of an Israeli medical device company announced by Covidien over the past two months.

News about Covidien’s purchase of PolyTouch appeared in a number of publications. PolyTouch began in Misgav Venture Accelerator.

By Gali Weinreb, Globes (April 30, 2012) Global medical devices giant Covidien plc (NYSE: COV) has acquired PolyTouch Medical Ltd., which develops hernia mesh placement technologies.

The acquisition took place in 2011 but is only being reported now and opened a wave of acquisitions of Israeli companies by Covidien. Over the past two months Covidien has acquired pulmonary endoscope developer superDimension for $300 million and capnography respiratory monitors and modules manufacturer Oridion Systems Ltd. (SWX: ORIDN) for $346 million.

Market sources believe that the PolyTouch acquisition was for $30-40 million. Only $1.3 million has been invested in the company, which was only founded in March 2009 by Ofek Levin, Arik Levy and Lena Levin, the winners of BizTEC07 Israel national entrepreneurship competition.

Read the full article in Globes (English) and Hebrew.

Trendlines Portfolio Company Acquired by Covidien

Covidien Announces Third Israeli Acquisition in Less than Three Months • PolyTouch, A Portfolio Company of The Trendlines Group’s Misgav Venture Accelerator

TEL AVIV, Israel, April 30, 2012 /PRNewswire/ — The Trendlines Group’s Misgav Venture Accelerator portfolio company PolyTouch Medical Ltd., a leading developer of hernia mesh placement technologies, was acquired by Covidien (NYSE: COV), a leading global provider of healthcare products that is traded on the New York Stock Exchange at a current market value of $26 billion.

According to Steve Rhodes, Chairman and CEO of The Trendlines Group, “The PolyTouch acquisition adds to other recent successes, including floating two portfolio companies, ETView and FlowSense, on the Tel Aviv Stock Exchange. Since the establishment of The Trendlines Group in 2007, more than $140 million has been invested in our portfolio companies –  above and beyond the investments made by Trendlines. For us, the sale of PolyTouch represents another important milestone and impressive achievement. Within two years, this portfolio company has developed a new technology, attracted investments, received regulatory clearances and was acquired by Covidien, an innovative leader in the industry.” Read the full article on PR Newswire.

News of the acquisition appeared in other media outlets:

 

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