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)

Related News

September 18, 2020

Eli Lilly, Amgen join forces to scale production of COVID-19 antibody cocktails

Life sciences

Months of fervid research have whittled away most potential options to treat patients with COVID-19, a group of antibody cocktails still hold promise. Eli Lilly believes so strongly in its contender that it’s […]

September 16, 2020

Takeda unveils new Boston R&D manufacturing center for cell therapy pipeline push

Life sciences

Japanese drugmaker Takeda has trumpeted its plan in recent years to cut billions of dollars in costs and pivot around oncology and rare diseases. A key part of that strategy […]

September 15, 2020

AstraZeneca, Oxford restart stalled COVID-19 test as Pfizer ramps up trial numbers for its vaccine

Life sciences

Just under a week after it stopped its key phase 3 pandemic vaccine test, AstraZeneca and the University of Oxford have been given the green light to restart in the […]