BARRX Medical Inc., a leader in developing minimally invasive medical devices used in conjunction with endoscopy to remove precancerous tissue from the gastrointestinal tract, announced on 21st November that they have signed a definitive agreement to be acquired by Covidien. Covidien is a leading global provider of healthcare products and a worldwide leader in advanced energy-based devices.

Covidien will acquire all of the outstanding capital stock of BARRX, a private company, for approximately $325 million, with additional future earn out payments possible upon achievement of company milestones. The transaction, subject to customary closing conditions, is expected to be completed by January 31, 2012.