Medtronic (NYSE:MDT) is under investigation by the federal government for allegedly limiting competition in the ventilator business, the company acknowledged late yesterday. The civil antitrust probe grew out of complaints about device shortages during the coronavirus pandemic, according to a report by the Wall Street Journal. The Journal cited “people familiar with the matter” as saying […]
Medtronic buys Covidien
Report: New Medtronic CEO challenges Trump on ‘reshoring’
New Medtronic (NYSE:MDT) CEO Geoff Martha openly disagreed yesterday with President Donald Trump’s mission to bring formerly U.S.-based companies back to this country, according to a report in the Irish Times. Medtronic, which maintains a U.S. headquarters in Fridley, Minn., bought Dublin-based Covidien for $50 billion in 2015 and moved its global headquarters to Ireland in […]
Medtronic can’t shake shareholder suit over Covidien merger
A Minnesota state court last week gave a group of Medtronic (NYSE:MDT) shareholders another chance at a lawsuit brought over its $50 billion acquisition of Covidien. In early 2015 Medtronic closed the Covidien deal, consummating in the biggest medical device acquisition ever. Shortly after the deal was announced during the summer of 2014, shareholder Lewis Merenstein sued in Minnesota’s […]
Medtronic supply chain snafu delays Aussie operations
Hospitals in Australia are reportedly running low on medical supplies such as sutures and staples due to a problem with Medtronic‘s (NYSE:MDT) supply chain system. A health department spokesman told The Mercury that some health providers were experiencing delays, but hospitals can share supplies thanks to Australia’s centralized ordering and surgical operations should be unaffected. Some health providers are on […]
Inside the largest medical device acquisition in history
By Heather Thompson In June 2014, Medtronic and Covidien shook the medical technology industry with the announcement of a merger of unprecedented scale. OCTANe’s Medical Investor Forum, held in Irvine, Calif., Oct. 27-28, featured a conversation between Geoff Martha, who led Medtronic’s team for the $50 billion merger, and Brett Wall, former president of Covidien […]
Medtronic’s Navigate lung trial enrolls 1st European patient
Medtronic (NYSE:MDT) said today that it enrolled the 1st European patient in a huge, real-world study of the SuperDimension lung device it acquired along with Covidien early last year. The 2-year, 2,500-patient Navigate trial is designed to evaluate the performance of the LungGPS electromagnetic navigation bronchoscopy technology the SuperDimension device uses to navigate the lungs. The single-arm post-market study […]
Report: Medtronic scales back at former Covidien HQ in Mass.
Medtronic (NYSE:MDT) is scaling back in Mansfield, Mass., as it looks to cut costs at the former headquarters of its Covidien subsidiary.* Medtronic spokesman Fernando Vivanco told MassDevice.com today that Medtronic is consolidating from 4 to 3 buildings it leases in Mansfield, about an hour south of Boston. The move is part of a conversion to a “flexible workspace” that allows […]
Minn. court resurrects lawsuit over Medtronic’s Covidien buyout
A Minnesota appeals court yesterday revived a lawsuit filed by Medtronic (NYSE:MDT) shareholders looking to block the mega-merger with Covidien that closed a year ago today. Medtronic paid $50 billion to acquire Covidien in the biggest medical device acquisition ever. But shortly after the deal was announced during the summer of 2014, shareholder Lewis Merenstein sued in Hennepin County […]
Medtronic inks $221m IRS settlement
Medtronic (NYSE:MDT) agreed to pay out up to nearly $221 million to settle a tax dispute with the U.S. Internal Revenue Service that it inherited when it bought Covidien last year. The IRS dunned Covidien’s corporate predecessor, Tyco International, in June 2013, disallowing deductions it took from 1997 to 2000 for some $2.8 billion in loans made […]
Medtronic shrugs off new Treasury inversion rules
Medtronic (NYSE:MDT) today shrugged off new U.S. Treasury Department rules that clamp down on so-called “inversion” deals that move U.S. companies to foreign tax jurisdictions. In an inversion, a U.S. company typically buys a smaller foreign rival and relocates, at least on paper, to the rival’s home country so the new combined company is not U.S.-based, though core management […]