Shareholders in St. Jude Medical (NYSE:STJ), who this week voted to approve its pending, $25 billion merger with Abbott (NYSE:ABT), grudgingly approved a measure to give tax breaks to its senior executives if the deal goes through. Little Canada, Minn.-based St. Jude’s board last year voted to do away with a “gross-up” provision that would have covered the 15% excise tax imposed by U.S. tax […]
Abbott
Abbott slapped with $4m loss in age discrimination suit
A jury in Puerto Rico yesterday slapped Abbott (NYSE:ABT) with a $4 million loss in an age discrimination lawsuit filed by a former employee there. Luz González Bermúdez sued Abbott and manager Kim Pérez in August 2014, alleging age discrimination after her transfer from Abbott’s Health Care Professional unit to its marketing group under Pérez. González, who started at […]
St. Jude Medical’s shareholders OK $25B Abbott buyout
St. Jude Medical (NYSE:STJ) said yesterday that its shareholders voted to approve its pending, $25 billion buyout by Abbott (NYSE:ABT). Preliminary results showed that about 99% of shareholders at the annual meeting voted to OK the deal, representing about 74% of all outstanding stock. Little Canada, Minn.-based St. Jude said it plans to release the final vote […]
There’s no quit in Abbott whistleblower Colquitt
The whistleblower behind a decade-old lawsuit against Abbott (NYSE:ABT) won’t say die, asking a federal appeals court last week to order a new trial after a jury shot him down earlier this year. Former Guidant sales rep Kevin Colquitt sued Abbott, Johnson & Johnson (NYSE:JNJ) and Boston Scientific (NYSE:BSX) in 2006 for $219.4 million, claiming that they marketed the use of biliary stents […]
Alere shareholders OK $6m Abbott buyout
Alere (NYSE:ALR) said today that its shareholders voted to approve its nearly $6 billion merger with Abbott (NYSE:ABT), despite its onetime suitor’s seeming reluctance to consummate the deal. Abbott agreed in February to spend $56 per share for Alere, or a total of $5.8 billion, but the deal soon turned rocky when the Waltham, Mass.-based diagnostics company […]
Abbott holds steady on St. Jude Medical, Alere buyouts
(Reuters) — Abbott (NYSE:ABT) said today that it’s pushing ahead to complete its planned purchases of medical device maker St. Jude Medical (NYSE:STJ) and diagnostics company Alere (NYSE:ALR) despite lingering questions about product safety and government investigations. CEO Miles White, on a conference call with analysts, said he hoped to acquire St. Jude by the end of the year and […]
Abbott’s Q3 results beat The Street despite surprise swing to red ink on Mylan stake
Abbott (NYSE:ABT) beat expectations on Wall Street today with its 3rd-quarter earnings, despite putting red ink in the ledger thanks to its 13% stake in beleaguered pharma giant Mylan (NSDQ:MYL). The Chicago-area healthcare giant posted losses of -$329 million, or -22¢ per share, on sales of $5.30 billion for the 3 months ended Sept. 30, […]
Abbott, St. Jude Medical to deal vascular assets to Terumo for $1B
Abbott (NYSE:ABT) and St. Jude Medical (NYSE:STJ), the subject of a pending, $25 billion acquisition by Abbott, agreed to deal some of their respective vascular assets to Japan’s Terumo Corp. (TYO:4543) for about $1.12 billion. The sale involves St. Jude’s Angio-Seal and Femoseal vascular closure devices and Abbott’s Vado steerable sheath, the companies said today. Abbott […]
St. Jude Medical is only the latest medical device maker to face battery issues
The battery depletion issue confronting St. Jude Medical (NYSE:STJ) this week is only the latest such issue to bedevil a medical device maker, as its arch-rivals in the cardiac rhythm management space have issued their own recalls in recent years. St. Jude yesterday warned of the possibility that a battery issue could disable its high-voltage cardiac […]
Report: EU regulators to rule on $25B Abbott-St. Jude Medical tie-up by Nov. 9
(Reuters) — Antitrust regulators in the European Union will decide by Nov. 9 whether to clear Abbott‘s (NYSE:ABT) $25-billion bid for St. Jude Medical (NYSE:STJ), aimed at helping it better compete with bigger rivals. Abbott sought the European Commission’s approval for the deal Oct. 3, according to a filing on the EU competition enforcer’s website today. The […]
Report: Terumo eyes Abbott’s cardio biz
Terumo (TYO:4543) is reportedly eyeing a nearly $1.5 billion deal for Abbott‘s (NYSE:ABT) cardiovascular device business. The ¥150 billion deal, if consummated, would be part of Abbott’s move to shed assets and consolidate pending the close of its $25 billion merger with St. Jude Medical (NYSE:STJ), according to Japan’s Nikkei business journal. Earlier this month, Abbott announced plans […]