Here's a look at some of the top mergers & acquisitions stories for medical device companies this week: Medtronic, Covidien name peripherals biz transition team; Medtronic is still in on Covidien buyout; The Street cheers changes to the Medtronic, Covidien deal; Zimmer adds Harvard spinout Etex Corp.; EU to extend Zimmer, Biomet probe
The medical device industry's fears about the medical device tax have borne out, making its repeal a top agenda item for AdvaMed CEO Stephen Ubl.
Time has not healed all wounds when it comes to the medical device tax. Nearly 2 years after implementation, the levy has played out according to script, AdvaMed president & CEO Stephen Ubl said this week.
Medtronic reveals that the tax tab for its top executives from its Covidien buyout will near $58 million, apart from the capital gains taxes all shareholders will pay on the $43 billion deal.
What does news of yet another mega-merger mean for medtech's industry council?
The winds of change in medtech are blowing in the Windy City.
As medtech's best & brightest descended on Chicago for another annual confab at AdvaMed 2014, it was impossible to ignore that the industry has now entered the great age of consolidation with yet another multibillion-dollar healthcare deal.
Traders on Wall Street rewarded the medtech giants after Medtronic announced it was planning to use "external financing" to pay for the Covidien deal.
Medtronic says it will still pursue the acquisition of Covidien, using $16 billion in "external financing" to back the deal instead of the foreign cash it planned to use.
Medtronic and Covidien appoint representatives to the integration team charged with combining their peripheral vascular businesses as part of their $43 billion merger.