Covidien to ditch pharma unit

December 15, 2011 by MassDevice staff

Covidien announces plans to spin out its pharmaceuticals division into a separate, publicly traded company, sending share prices up 4% to nearly $44 apiece.

Covidien

Covidien plc (NYSE:COV) said it plans to spin out its no-growth pharmaceuticals business into a stand-alone business over the next 18 months.

The announcement sent the Mansfield, Mass.-based health products giant's shares up more than 4% to $43.90 as of about 10 this morning. CEO José Almeida said Covidien has been considering a separation for years and decided to pull the trigger now that the pharma unit has been fine-tuned.

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