Bermudan company Covidien (NYSE: COV), a developer and manufacturer of medical devices, has entered into a definitive agreement to acquire CV Ingenuity, a Fremont, CA-based developer of treatments for peripheral arterial disease. Following the acquisition, CV Ingenuity’s development expenditures will reportedly be bumped up in order to fund the clinical development of the company’s technologies. CV Ingenuity was previously VC-backed, successfully raising $16 million of Series B financing in October of last year, and before that, $1.7 million in its Series A round. Exiting investors include BioStar Ventures, Life Science Angels, New Enterprise Associates, Synergy Ventures and Western Technology Investment. The company will be reported as part of the Medical Devices segment of Covidien’s vascular product line.