Sector News

Medtronic seeks EU approval for $43 billion Covidien deal

October 14, 2014
Life sciences
(Reuters) – U.S. medical equipment maker Medtronic (MDT.N) has asked European Union antitrust regulators to approve its proposed $43 billion (26.73 billion pounds) purchase of Irish peer Covidien Plc (COV.N), the European Commission said on Monday.
 
The acquisition, which will put Medtronic on about the same footing as industry leader Johnson & Johnson (JNJ.N), will reduce its overall global tax burden.
 
Medtronic however said it is not an inversion deal where U.S. companies acquire foreign rivals to move their tax domicile abroad, but rather a move to boost its medical technology strategy.
 
The EU competition authority has set a Nov. 14 deadline for its decision. It can either clear the deal unconditionally or ask for concessions to allay possible antitrust concerns or open an in-depth investigation.
 
Analysts said the disparate businesses of the two companies should not trigger any significant regulatory worries.
 
(Reporting by Foo Yun Chee; editing by Susan Thomas)

comments closed

Related News

September 25, 2022

Rise of the machines: Novo Nordisk pledges $200M to create first quantum computer for life sciences

Life sciences

Big Pharma has long seen the potential for AI and machine learning to accelerate drug development. But Novo Nordisk is going a step further by channeling $200 million toward the creation of a computer that will outrun anything in existence.

September 25, 2022

Mount Sinai AI uncovers new brain analysis method to predict dementia, Alzheimer’s disease

Life sciences

Current methods for diagnosing Alzheimer’s disease rely on a complex combination of self- and caregiver-reported symptoms, a physical examination and either a PET scan or a spinal tap to look for evidence of amyloid plaque build-ups in the brain. But a new artificial intelligence-based method may make the diagnostic process a much more objective one.

September 25, 2022

New AstraZeneca-backed report finds big money behind diverse owners and entrepreneurs in Europe

Life sciences

There is lots of talk about diversity and inclusion in business, including in pharma and medtech. A new report by the Open Political Economy Network (OPEN), a think tank focusing on migration and diversity, released its “Minority Businesses Matter: Europe” report highlighting the successes and challenges of ethnic minority-owned businesses in Europe.