Medtronic (NYSE:MDT) founder Earl Bakken told employees yesterday that he’s all for the pending, $3 billion acquisition of Covidien (NYSE:COV), writing from Hawaii that he views the deal as a way to expand Medtronic’s mission.
"As I see it, the most profound outcome of this relationship will be the ability to spread our Mission. We can serve more patients, in more ways, and in more places around the world than ever before. Instead of saying Medtronic improves a life ‘every 3 seconds,’ I expect that we’ll eventually be able to say ‘every second.’ Imagine that! And with Covidien sharing our ‘patient first’ focus, think of all the good we can do," Bakken wrote in a memo distributed to Medtronic employees.
Bakken said the combined research & development talent of Medtronic and Covidien holds great potential.
"Just think of the innovation that can occur when you bring that much brilliance to the table with the same mission and vision," he wrote. "We all have to look toward the future, and this applies especially to those who are creating new technologies and therapies. To this end, I continually encourage the engineers, scientists and physicians I come in contact with to read the latest medical and scientific journals and literature – you will always learn something and it will likely generate compelling new ideas."
And the merger will serve Bakken’s longtime interest in what he called "integrative medicine" combining high-tech devices with high-touch medical care.
"I’m thrilled that there’s a group of employees at Medtronic who understand its importance, meet regularly and share information on how we can achieve this goal," Bakken wrote. "I can only believe that these innovation efforts and the ‘integrative medicine’ approach will be advanced by our collective teams when the companies are joined together."
The deal will also further Medtronic’s philanthropic goals, he added, challenging Medtronic employees to channel their ideas into reality.
"At my age, I’ve had lots of dreams, and many wonderful ones have come true. But this dream – the 1 of inspiring millions of people to do good things with their extra gift of life, and in turn, create positive change for so many others in need – is my biggest dream ever – 1 that provides me with deep satisfaction and pride to be a part of this Medtronic family," Bakken wrote. "In the end, I challenge all Medtronic employees to continue to dream – to think about what is possible and work to achieve it. I know our engineers and scientists can get together with a host of new ideas from both organizations, and they can create unimaginable frontiers. I encourage you to take risks. Dream it, and then do it!"
