Covidien buys Israeli medical device firm

Dublin-headquartered Covidien Plc is to buy Oridion Systems Ltd, an Israeli maker of devices for patient breathing safety, for $346m (€260m).

Covidien will pay about 21.08 Swiss francs (€17.26) a share, Jerusalem-based Oridion said yesterday in a statement, 75% more than Oridion’s closing price yesterday.

Oridion rose 71% to 20.50 francs at 4,50pm in Zurich, where the company is listed on the Swiss stock exchange. Covidien, with a HQ on Dublin’s hatch Street and run from Mansfield, Massachusetts, fell 0.5% to $53.565 in New York.