Medtronic Purchases Irish Medical Device Co. for Reported $45M
Medtronic has purchased a small Irish medical device company that develops tools to diagnose, measure – and in some cases treat – gastrointestinal conditions like acid reflux.
In a statement to TCB, Medtronic confirmed that the acquisition of Glasgow-headquartered Crospon occurred on December 5, although it declined to disclose the financial details. The Irish business news site Fora originally reported the deal and said it was for $45 million.
Medtronic’s statement explains that the Crospon’s products provide doctors with an internal view of the esophagus during endoscopic and surgical procedures, thereby “enabling them to provide better patient care by minimizing discomfort and reducing procedure time.”
One of its Cropon’s products, an imaging system called the EndoFLIP, received its latest FDA approval in May for an update that included imaging software able to display detailed information of the esophagus on a 24-inch touch screen, which assists gastroenterologists during surgical or diagnostic procedures.
Cropson, founded in 2006, also has offices in California, and will become part of Medtronic’s Respiratory, Gastrointestinal and Informatics business.
“With Crospon’s addition, Medtronic will have leading solutions from diagnosis to therapy for esophageal diseases,” the company said in statement.