Israel's Super-Dimension to be acquired for $350M
Medical equipment company sold to American giant Covidien; says market US market it is targeting presents potential of 8 million patients
Super-Dimension, an Israeli developer of medical devices for the diagnosis of pulmonary diseases, was acquired for $350 million by US medical device giant Covidien, Calcalist learned.
Covidian, which is listed on NYSE at a $25.5 billion market cap, is expected to sign the deal for the acquisition of the Herzliya-based company by the end of the week.
Super-Dimension was founded in Israel by Pinchas Gilboa, later establishing its headquarters in Minneapolis, Minnesota. The company develops and markets minimally-invasive pulmonology devices for the diagnosis and treatment of lung disease, mainly cancer, emphysema and tuberculosis.
The company's devices employ the precision navigation of catheters into lungs to locate distal cancerous tumors and diagnose pulmonary diseases, using a technology based on electro-magnetic tracking, image processing and endoscopic technologies.
Super Dimension says that the US market it is targeting presents a potential of 8 million patients.
To date, the company's technology has been used to treat over 22,000 patients in over 350 hospitals worldwide. The company develops various complementary products based on its technology with the aim of increasing the availability of lower costing treatments.
Super Dimension's estimated 2011 revenue was $30 million – a 38% gain compared with its 2010 revenues.
According to Israel Venture Capital, up to this point, Super Dimension has raised about $120 million of which $11 million were raised in a recent financing round in September. Among the investors which participated in the round were Pitango VC fund which holds a 12% stake of the company; Medica Venture Partners (7%) and Orbimed which won the government's bio-tech tender this year.
Other investors include Pfizer; Efi Gildor, who founded the Axiom fund; Evergreen; Gemini; Oxford Bioscience Partners; Mi3 and Fidelity.
Currently, Super Dimension has about 120 employees in its Herzliya, US and Germany offices.
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