Elron ups its stake in Given Imaging by 5%

Diversified company Elron Electronic Industries has offered to increase its stake in Given Imaging (diagnostic imaging devices for gastrointestinal disorders) by 5% through the purchase of 1.46mm ordinary shares at $16.54 each (a slight premium) or about $24.2mm.

This deal is featured from Strategic Transactions - June 2008

Elron and its affiliates currently own 43.5% of Given Imaging. The new deal brings its equity stake in the company to 48.5%. Given Imaging is developing products that can detect GI disorders. Its PillCam capsule endoscope contains a tiny camera that a patient swallows, allowing physicians to view the small intestine and esophagus and identify the cause for gastrointestinal symptoms such as abdominal pain, diarrhea, bleeding, or anemia. Last month, the company and Olympus settled a two-year patent dispute in the US related to their capsule endoscopy products, and concurrently signed a worldwide exclusive royalty-free cross-licensing agreement that gave each company rights to the other's patents.

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