Healthcare products and medical device maker Covidien Plc said on Monday it would acquire privately held BARRX Medical Inc for $325 million in a bid to expand its presence in treating gastrointestinal diseases. Under the terms of the deal, Covidien would make additional payments based upon the achievement of milestones.Covidien said BARRX is a leader in treating Barretts esophagus syndrome, a disorder in which the lining of the esophagus is damaged by stomach acid. BARRX makes bipolar radiofrequency ablation devices to treat the disorder.Covidien said it expects to complete the deal by Jan. 31, 2012.
Covidien Public Limited Company, formerly Covidien Ltd. Shares of COV remained unchanged at $45.61. In the past year, the shares have traded as low as $39.37 and as high as $57.65. On average, 4713160 shares of COV exchange hands on a given day and today's volume is recorded at 500.
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