Covidien Announces Acquisition of PolyTouch

Barely a month after Dublin, Ireland-based company Covidien announced the acquisition of Israel-based companies superDimenison and Oridion Systems Ltd., the company recently revelead that it had acquired another company headquartered in Israel, PolyTouch Medical Ltd. last year. The deal is estimated by market sources to have been between $30 and $40 million.

Founded by entrepreneurs Ofek Levin, Arik Levy and Lena Levin in 2009, PolyTouch is a developer of mesh placement technologies used during laparoscopic soft tissue repair procedures. The leading product PatchAssist soon evolved into the more developed product AccuMesh, an endomechanical device facilitating insertion, deployment and placement of mesh during laparoscopic ventral hernia repair. Covidien launched the AccuMesh device earlier this year.

“We are thrilled to have found a partner in Covidien for PatchAssist,” commented Ofek Levin, founder and CEO. “The rapid development of our technological platform and our success in gaining FDA clearance for this important product has resulted in this transaction.”

William Edelman, PolyTouch chairman of the board, said, “The ability of innovative medical device companies such as PolyTouch to rapidly focus on technologies and products of high clinical need is an important driver of value creation for the clinical community as well as medical device investors.”

Covidien manufactures, distributes and services a range of product lines in the medical device, pharmaceuticals and medical supplies segments. With 2011 revenue of $11.6 billion, Covidien has 41,000 employees worldwide in more than 65 countries, and its products are sold in over 140 countries.