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Covidien plc (COV) Rumored to Buy superDimension, Inc. for $300 Million


3/13/2012 8:06:46 AM

Pulmonary devices maker superDimension Inc. is in advanced talks with a major medical devices company to be acquired for over $300 million. superDimension, founded 16 years ago, has $30 million in annual sales. It is believed that the buyer is Covidien plc (NYSE: COV), a spin off of Tyco International Ltd. (NYSE: TYC), which invested in superDimension's last financing round. superDimension has raised $120 million from OrbiMed Advisors LLC, Pitango Venture Capital, Medica Venture Partner, Gemini Israel Funds, Concord Ventures, Evergreen Venture Partners, Niztanim, and Oxford Bioscience, as well as from strategic investors Covidien Ventures, Boston Scientific Inc. (NYSE: BSX), and Pfizer Inc. (NYSE: PFE; LSE: PFZ). The amount of money raised raises questions whether the company can be sold for an amount justifying the investment, but the company's sales and positive cash flow nevertheless suggest that investors can make at least a two-fold return on investment.

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