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Covidien agrees to buy vascular device maker

NEW YORK (AP) -- Covidien PLC said Wednesday that it will buy CV Ingenuity, which is developing a drug coated balloon device for treating peripheral arterial disease.

The Irish drug and medical device maker did not disclose terms of the deal for CV Ingenuity, which is privately held.

Covidien expects that the California company's device won't be approved by regulators until 2017.

Peripheral artery disease is a condition in which narrowed arteries lead to reduce blood flow to the limbs. There are about 8 to 12 million affected people in the U.S.

Covidien said the acquisition should close by March.

Covidien shares have traded between $44.52 and $60.81 in the last year and closed at $57.18 on Monday. The stock was unchanged in premarket trading on Wednesday.