Mansfield, Mass.-based Covidien said it will issue 1 single share of Mallinckrodt stock for 8 shares of COV stock to interested investors, will all distributions scheduled for completion by June 28.
Covidien said the new numbers reflect the pharma unit as a discontinued operation, with COV shareholders slated to receive a tax-free distribution, according to a regulatory filing.
MASSDEVICE ON CALL — Medical device sales representatives earned more on average than their peers in any other healthcare segment, including healthcare IT, according to a 2012 survey by MedReps.com.
Although base salaries in the pharmaceutical, biotech/biopharma and health IT/software segments were higher, when combined with commissions and bonuses medtech sales reps earned top dollar at about $155,000 per year.
Abbott (NYSE:ABT) said its board of directors approved the spinout of its branded pharmaceuticals business as AbbVie Inc. in which Abbott’s shareholders will receive an AbbVie share for each ABT share they own.
The distribution is slated for Jan. 1, 2013, for shareholders of record as of Dec. 12, according to a press release.
The Mansfield, Mass.-based medical device company said late last year that it planned to ditch the no-or-low-growth pharma unit, which will become a stand-alone operation.
Contrary to previous company statements, longtime Abbott executive and new pharmaceutical spin-off chief Richard Gonzalez never finished college, the company confirmed today.
An administrative error resulted in regulatory filings stating that Gonzalez had earned a bachelor’s degree from the University of Houston and master’s degree from the University of Miami. Although Gonzalez attended both institutions, he didn’t graduate from either. Abbott has since updated the information on its corporate website to address the error.