Often referenced as a powerful example of Technion graduate ingenuity, Given Imaging – the Israeli start-up that introduced the pill that a patient can swallow for real-time, non-invasive examination and diagnosis, is being acquired for $860 million, it was announced yesterday.
Covidien Announces Definitive Agreement to Acquire Given Imaging
DUBLIN, Ireland & YOQNEAM, Israel–(BUSINESS WIRE)–Dec. 8, 2013– Covidien plc (NYSE: COV) and Given Imaging Ltd. (Nasdaq: GIVN) today announced a definitive agreement under which Covidien will acquire all of the outstanding shares of Given Imagingfor $30.00 per share in cash, for a total of approximately $860 million, net of cash and investments acquired. This transaction provides Covidien additional scale and scope to serve the multibillion dollar global gastrointestinal (GI) market and supports the Company’s strategy to comprehensively address key global specialties and procedures.
Given Imaging provides one of the broadest technology platforms for visualizing, diagnosing and monitoring the digestive system, including its flagship PillCam®, an innovative swallowed capsule endoscope.
“We believe GI is one of the most attractive specialty procedure areas. Acquiring Given will enable Covidien to significantly expand its presence in a $3 billion GI market,” said Bryan Hanson, Group President, Medical Devices & U.S., Covidien. “Adding Given’s portfolio of diagnostics to our portfolio accelerates Covidien’s strategy of providing physicians with products that support the patient along the care continuum from diagnosis to treatment. It also confirms our leadership in developing less-invasive screening, diagnosis and treatment solutions that can improve patient outcomes and lower healthcare costs.”
“Given Imaging revolutionized GI diagnostics over 12 years ago with the launch of PillCam and created an entirely new diagnostic category — capsule endoscopy. The combination of Covidien’s established global presence and Given Imaging’s innovative capabilities has the potential to transform this market,” said Homi Shamir, President and CEO, Given Imaging Ltd. “After thoroughly evaluating our strategic options we determined that this transaction is in the best interests of Given Imaging, its shareholders and employees and provides unique benefits to patients globally.”
The development of ground breaking communications systems for the next generation of computers is the goal of research collaboration between the University of Sydney and Technion – Israel Institute of Technology.
The New South Wales Government will contribute $300,000 to the photonics research project between the Australian Research Council Centre of Excellence for Ultrahigh Bandwidth Devices for Optical Systems (CUDOS) at the University of Sydney, and Technion.
This is the first time that an Australian Government has provided funds to ensure the participation of an Australian university in a collaboration with an Israeli university.
The project will be launched by the NSW Minister for Health and Medical Research, Jillian Skinner MP, and the Technion’s Chairman of the Board of Governors, Lawrence Jackier at an official event at the University of Sydney on 5 December.
Mr Jackier said, “We sincerely believe that we must be a light to the world and that our knowledge should be used for the benefit of humanity generally. This project with Sydney University is a tangible effort to share our knowledge by partnering with another great university and by doing so, achieve a result greater than the sum of the parts”.
Photonics and optics are used throughout communications networks, using optical fibres as light pipes and lasers to generate light pulses that carry information. Optical interconnects harness photonics for communication within computers and on chips to deliver the increased computing speeds that are demanded by society.
“This partnership allows us to work together on fundamental aspects of nanophotonics towards realising chip-based optical interconnects which can revolutionise computing – dramatically increasing the available bandwidth and, therefore, processing speed,” said Professor Benjamin Eggleton, director of CUDOS.
“We will explore new science at the frontier of photonics that will help realise radically new functionalities and improved performance for on-chip photonics.”
“CUDOS and Technion researchers already have reputations as champions in nanophotonics and optical physics,” NSW Minister for Health, Jillian Skinner said.
“NSW and Israel have proven research strength in the fascinating field of photonics, share similar academic and industrial landscapes, and well-matched entrepreneurial cultures driving innovation. That is why the State Government, through the Office of Science and Research, will contribute $300,000 over three years to set up the NSW-Israel Collaborative Research Pilot Program.”
The three-year project will be the first funded by the program.
“These extraordinarily talented researchers from both institutions will come together in a bid to develop light-based communications systems, which sit on the surface of a computer chip, to drive the next generation of computers,” said NSW Chief Scientist and Engineer, Professor Mary O’Kane.
Dr Ruth Ratner, President of Technion Australia (NSW), said: “We are honoured that two academics of Distinguished Professor Moti Segev’s and Professor Ben Eggleton’s stature agreed to work together and we look forward to hearing about the progress made as the project proceeds.”
“To be able to support a project such as this – a project with such enormous potential to share the knowledge of two of the world leaders in exploring and developing the technology of the future, is thrilling. The potential benefits to the people of NSW and Israel, and beyond, will be great.”
CUDOS is a research consortium of seven Australian universities based at the University of Sydney and a world leader in research in on-chip photonics, for all-optical signal processing.
In addition to the existing pre-university programs Technion-Israel Institute of Technology has created a special pre-university program for ultra-orthodox Jews (haredim) to enable them to study in university and enter the workforce. Member of the Israeli Knesset (parliament), Rabbi Dov Lipman, Chair of the Knesset Lobby for Job Integration in the Haredi Community, is interviewed here discussing the challenges to Israel and the success of the Technion program.
In 18 months haredim who never studied science and English and have only learned rudimentary mathematics are brought up to speed and the majority are accepted to Technion. Graduates are now working as engineers in high tech companies and some are pursuing advanced degrees.
“This sector needs to make a paradigm shift toward productivity. We are providing the opportunity.”
Prof. Noah Galil
(l-r) Yehuda Morgenstern, Shuki Yakovian, and Aharon Deutsch
In a national effort to significantly increase the notoriously low workforce participation within Haredi (ultra-Orthodox Jewish) communities, the Council for Higher Education has called for proposals to provide this special population with customized, but not qualitatively different, higher education study platforms.
This sector, currently comprising around 10 percent of Israel’s population, is expanding fast. Large families are the norm, and many are below the poverty line. Toda, about 25 percent of first graders are ultra-Orthodox and their segregated schooling does not include the core curriculum required for the development of technological and scientific skills. Statistics released on September 1 indicate that in predominantly Haredi towns, such as Bnei Brak or Modi’in Illit, eligibility for high school matriculation (bagrut) stands at 10 percent and below.
“The hardest part of the whole degree was mastering fractions and the ABC.” – Aharon Deutsch
Technion has created a model, based upon its proven success with pre-university foundation courses (mechina). Separate classes enable the Haredi students to maintain their own cultural and behavioral norms. “There is a very strong potential with this Haredi population that can benefit Technion, society, and Israel’s economy.” says Prof. Arnon Bentur, Technion Vice President and Director General
Mooly Dotan, director of the Center for Pre-Academic Education, says that the initial “Halamish” program for Haredi students was launched some six years ago. Halamish – literally flint in Hebrew – is an acronym for “Haredim studying applicable professions.” Backed by Israeli businessman and philanthropist Eitan Wertheimer, this initiative sought to ignite Haredi productivity in the academically qualified workforce and supports these pioneering students financially, academically with enrichment classes and learning strategy, and lends emotional support.
“These students are unbelievably motivated,” says Dotan. “They know how to study, they are tremendously target-oriented, and they want to find well-paid jobs.”
Of those who started, 16 were accepted to Technion and are now completing their studies in civil and environmental engineering, industrial engineering and management, electrical engineering, and mechanical engineering. Some of this vanguard has already joined the workforce and several have continued to a second degree.
Sarah Katzir, head of the Beatrice Weston Unit for the Advancement of Students, a key player in the success of the program, meets these highly motivated students toward the end of the mechina. “Their biggest problem is their lack of English, and Technion gives them a big push to bring them up to standard,” she says. “There are no shortcuts, no discount for academic requirements and no lowering of standards for admission,” Katzir stresses.
David Shenkar, a graduate in Information Systems, is a new employee at MedaTech Information Technology Ltd. Shenkar said, “When I got my first pay slip from the company and saw that income tax had been deducted I was very happy. I know that most people wouldn’t be pleased about that, but I was simply delighted that I now made enough money to pay income tax!” He added, “I couldn’t have gotten a Technion degree without the help of my wife. A few times I wanted to quit, and she told me that I was to keep learning until they threw me out. I’m glad I listened to her.”
Lack of funding put this original Halamish program on hold, and it has now been reinvented with a new intake of 40 pre-mechina students who are studying on the Technion campus in the National School for Practical Engineers (Handessaim) building. Their tuition is paid for by the government, and Atidim, together with Technion, are providing a stipend.
Another new initiative involves a successful off-campus mechina at the Haredi College of Bnei Brak (Mivchar), an ultra-Orthodox stronghold near Tel Aviv. Some 18 graduates of this preparatory program, who have shown both the requisite aptitude and a phenomenal capacity for learning, are now studying for a BSc in Geo-information, under the auspices of Technion’s Faculty of Civil and Environmental Engineering (CEE). Graduates will seek employment with the Israel Mapping Center, which is facing a severe shortage of qualified personnel as hundreds of its employees approach retirement. “Each of these students will be a role model in their community,” states Bentur.
Why are Haredi students different from all other students?
Disadvantages:
Mostly married and with large families
No formal schooling in English, Math, or Science
Expect single-sex classes (including lecturer)
No role model for earning a living
Advantages:
Excellent learning skills
Ability to cope well with stress and heavy study load
Not spoilt – have modest requirements
Active support network (Haredi fraternity)
Join us to celebrate Hannukah 2013 – the Jewish festival of lights.
At Technion, innovation is the key word, both in musical (chemical) assembly, and in unique methods to light the Menorah!
Hannukah solutions at the Schulich Faculty of Chemistry
A Rube Goldberg machine, a menorah, and some bright engineers.
