Latest Headlines

Latest Headlines

Medtronic to stop manufacturing some devices in Colorado in pursuit of $850M in promised synergies

The $50 billion Medtronic-Covidien merger was strangely absent of disruptive plant and facility closures. Until now. Earlier this month, Medtronic revealed a plan to shutter Covidien's former headquarters in Mansfield, MA. Just learned are its intentions to relocate two manufacturing lines in Gunbarrel, CO, to an undisclosed location.

Medtronic to shutter building at Covidien's Massachusetts HQ following last year's megadeal

Medtronic has said that operational changes would be on the way after sealing its $43 billion tax inversion deal with Covidien last year, and some of those are still trickling in. The company is planning to shut down an office building at Covidien's Massachusetts headquarters as part of its restructuring following the merger.

At Baxter, Covidien's Almeida looks to cut costs, fuel innovation and do smaller acquisitions

Former Covidien head Jose Almeida, who seized the reins at Baxter at the start of the year, offered an early glimpse of his long-term strategy for the company after spinning off the biopharma Baxalta last year. On a Feb. 2 earnings call, he laid out his priorities as trimming operating expenses, reallocating capital to support innovation and growth, and making smaller acquisitions.

Medtronic to pony up funds in $525M IRS tax settlement

Medtronic inherited Covidien's tax-friendly Irish domicile last year after the companies finalized their $50 billion merger. But the devicemaker also picked up a tax scuffle from Covidien's former parent company, and now, Medtronic is laying that battle to rest in the form of a $525 million settlement.

In latest Covidien deal synergy, Medtronic to build $14M manufacturing facility in Ireland

Medtronic announced that it will build a €13 million ($14.3 million) facility in Galway, Ireland, to manufacture its fast-selling In.Pact Admiral drug-coated balloon for peripheral artery disease.

FDA warns of 9 deaths due to coatings on minimally invasive intravascular medical devices

The U.S. Food and Drug Administration has issued a safety communication regarding a wide array of intravascular implanted devices and delivery tools that have coatings designed to reduce friction and improve maneuverability.

Medtronic axes 150 jobs in new Irish tax domicile

Cue the Medtronic-Covidien layoffs. Medtronic is cutting 150 jobs in Ireland, months after closing its megadeal with Covidien and shifting its domicile to the country to enjoy the benefits of a lower tax rate.

Baxter to cut 1,400 jobs, add former Covidien head Almeida as CEO

Baxter had scarcely completed its July separation from therapeutics business Baxalta when it suddenly became a target for activist investor Third Point in early August. Last month, Baxter offered an olive branch to the hedge fund by adding two new directors to its board, one of them from the firm.

FDA warns of potentially fatal problems with Covidien, Dräger ventilators

The FDA warned of a Covidien ventilator that may not deliver enough air, and another one from Dräger Medical that has faulty batteries. The ongoing corrective actions of about 2,700 units of the devices have been deemed Class 1, a designation reserved for situations "in which there is a reasonable probability that the use of or exposure to a violative product will cause serious adverse health consequences or death."

Med tech megamergers haven't translated to massive layoffs--at least not yet

None of the giant med tech acquisitions that have closed recently have resulted in a reduction in employee count yet. Not Medtronic-Covidien, Zimmer-Biomet, nor Becton Dickinson-CareFusion. But the rumors are already swirling on where all the anticipated cost savings and reduduncies will be found. That's according to the latest jobs data from  EP Vantage.