Covidien Ltd. said Tuesday that it's buying Ev3 Inc., a medical device creator with some 350 workers and roots in Irvine, for $2.6 billion. Covidien, a diversified medical device maker that operates out of Massachusetts, said it was buying Ev3 to build up its business for devices to luxury blood vessel diseases. Ev3 makes stents and other product for treat arterial diseases.
Covidien's offer is 19% more than what Ev3's share were worth before the offer. The deal is likely to close in July. Ev3, which operate locally in the Irvine Spectrum, has deep roots in OC. It was the bulk shareholder of Irvine's Micro Therapeutics Inc., which made devices for blood vessel diseases and brain disorders. Ev3 eventually bought the rest of Micro Therapeutics in 2006.
Orange County resident James Corbett served as Ev3’s chief executive for four years. Corbett was chief executive of Micro Therapeutics shortly after Ev3 bought its stake in that company.In 2008, Corbett was replace by Robert Palmisano, a veteran medical device supervisory who was known for taking IntraLase Corp., a maker of lasers used in vision correction surgery, public. Palmisano kept Ev3’s headquarters in Minnesota.
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