Sector News

Medtronic wins conditional EU approval for $43 bln Covidien buy

November 28, 2014
Life sciences
(Reuters) – U.S. medical device maker Medtronic gained European Union regulatory approval on Friday for its $43 billion takeover of Covidien Plc after agreeing to sell its Irish rival’s drug-coated balloon catheter business.
 
The deal will put Medtronic on about the same footing as global leader Johnson & Johnson and take it a step closer to moving to Ireland where it could have access to revenues earned outside the United States without paying taxes on them.
 
The European Commission said the sale of Covidien’s Stellarex business would sooth concerns that the deal would reduce innovation in this area. Covidien clinched a deal to sell Stellarex to Spectranetics on Nov. 3.
 
U.S. authorities cleared the takeover earlier this week with the same condition. (Reporting by Foo Yun Chee; editing by Philip Blenkinsop)

comments closed

Related News

May 4, 2024

Novartis acquires Mariana in $1.75bn deal to strengthen radioligand portfolio

Life sciences

Novartis will acquire Mariana’s lead candidate MC-339, a radioligand therapy (RLT) designed to target small-cell lung cancer. Last year, Mariana had raised $175m in a Series B round from several funds and pharma giant Eli Lilly.

May 4, 2024

Novo Nordisk aims for market domination, boasts $1.5bn obesity sales in Q1

Life sciences

The company’s aspiration to expand the use of its obesity products to cardiovascular indications has been successful. In March, its blockbuster drug Wegovy was approved by the US Food and Drug Administration (FDA) for reducing the risk of cardiovascular diseases in obese or overweight adults.

May 4, 2024

Ono Pharmaceutical acquires cancer-focused biopharma Deciphera for $2.4bn

Life sciences

Massachusetts-based Deciphera brings to the table an extensive kinase inhibitor pipeline, kinase drug discovery expertise, and a strong commercial and sales platform in the US and European markets that is meant to advance Ono’s capabilities and presence in the oncology space.

How can we help you?

We're easy to reach