NEW YORK (AP) -- Irish drug and medical device maker Covidien plc said Thursday it agreed to buy Oridion Systems Ltd., which makes equipment that is used to monitor breathing, for about $300 million.
Oridion, based in Israel, makes devices that monitor breathing and give early indications that a patient's airway could be compromised. It had $64 million in revenue in 2011. The deal values Oridion at $23 per share.
Covidien said the boards of directors of both companies have approved the deal, which is expected to close during the second quarter. It doesn't expect the purchase to have a significant effect on its business in 2012.
Shares of Covidien fell 24 cents to $53.58 in morning trading.
