Covidien taps integration chief to navigate Medtronic merger
July 3, 2014 by Arezu Sarvestani
Covidien announced last week that it named Bill Burke, CFO for the Covidien Europe, to lead the merger with Medtronic ahead of the $43 billion acquisition.
Burke will work with Medtronic’s Geoff Martha to navigate the lengthy integration process, reporting directly back to Covidien chairman, president & CEO Jose Almeida. Read more
Zimmer, Biomet appoint integration team
July 1, 2014 by Brad Perriello
Zimmer and Biomet appointed executives from both companies to manage their integration after their pending, $13 billion merger goes through.
The integration management office, created to help the integration steering committee, will be led by Zimmer’s chief accounting officer, Derek Davis, and Biomet’s Peggy Taylor, senior vice president for human resources, the companies said. Read more
Thoratec inks $75M deal for Apica Cardiovascular
July 3, 2014 by Brad Perriello
Thoratec said it paid $35 million up front and agreed to another $40 million in potential milestone payments for Apica Cardiovascular and its transapical access technology.
The deal for Galway, Ireland-based Apica also confers long-term tax advantages to Pleasanton, Calif.-based Thoratec, much like Medtronic’s $43 billion acquisition of Covidien, although the loss of a U.S. R&D credit will increase its tax rate over the short term. Read more
FTC wants more from Zimmer, Biomet on merger
July 2, 2014 by Brad Perriello
The U.S. Federal Trade Commission wants more information on the pending, $13.35 billion merger between Zimmer and Biomet, the companies said today.
It’s the latest hurdle from anti-trust regulators for the blockbuster merger that would unite 2 of the largest players in the orthopedics space. Read more
Johnson & Johnson closes Ortho-Clinical Diagnostics sale
July 1, 2014 by Brad Perriello
Johnson & Johnson yesterday said it closed the $4 billion sale of its Ortho-Clinical Diagnostics business to private equity giant Carlyle Group.
“Under the terms of the transaction, the Carlyle Group has acquired the Ortho-Clinical Diagnostics business, a global provider of solutions for screening, diagnosing, monitoring and confirming diseases. The Ortho-Clinical Diagnostics business generated net sales of approximately $1.9 billion in 2013,” according to a press release. Read more