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 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.
- Show full page
- Login to post comments
-
Permalink
RECENT BLOG POSTS
- When regulators are ignored
- FDA Issues Draft Guidance to Help Companies Distinguish Between a Voluntary Medical Device Recall and a Product Enhancement
- Patient and family engagement in ICUs
- A day in the life: A pediatric neurosurgeon's vision
- Medical Device Tax: Are Conservatives' goals hampering repeal efforts?
- Personal health record use by adolescents
- Can Johnson & Johnson fire on all cylinders again?
- U.S. FDA to require proof of IEC 60601-1 3rd Edition in summer 2013
- A cure for coffee breath?
- A Goldilocks approach to leaky blood vessels: Not too stiff, but not too loose
Navigation
NEWS
Johnson and Johnson executive splits for the corner office at Itamar Medical | Personnel Moves
J&J's former head of global cardiology makes the jump to CEO at Itamar Medical
Sunshine Heart seeks $25.5M in equity funding round | Wall Street Beat
Sunshine Heart raises $1.5 million of a hoped-for $25.5 million equity funding round.
J&J sues Shasta Technologies for logo infringement
J&J subsidiary Lifescan asks the courts to ban Shasta from using its logo, saying problems with...
Medical device tax: Theragenics, layoffs and the essence of the fight for repeal
Theragenics' recent rhetoric about the medical device tax captures many of the repeal movement's high...
FDA green-lights 1st HbA1cDx diabetes test | MassDevice.com On Call
U.S. healthcare regulators clear Roche's COBAS INTEGRA 800 Tina-quant HbA1cDx assay, the 1st HbA1c...
