A comparative study found that treatment of stroke using stent thrombectomy devices manufactured by Covidien and Stryker is twice as effective as treatment using medication alone.
This has been a good year for M&A in the medical device industry. The number of deals rose 39% to 57 announced transactions. Moreover, deal value more than sextupled to $86 billion, up from $14 billion in 2013.
As lawmakers and regulators crack down on med tech companies launching corporate inversions for tax-paying purposes, the U.S. Internal Revenue Service is zeroing in on another tactic used by devicemakers like Medtronic and Covidien to guard offshore earnings and avoid steep domestic tax rates.
Covidien lost a battle in its years-long patent war with Johnson & Johnson's Ethicon unit, as a top U.S. patent appeals court tossed out a $176 million award for the company and ruled that its claims regarding J&J/Ethicon's Harmonic line ultrasonic surgical tools were invalid.
Medtronic has sold $17 billion in bonds to fund its $43 billion acquisition of Covidien that's still expected to close early next year. The medical device giant had been expecting to fund the deal mostly with ex-U.S. cash, but opted instead for debt in order to avoid potential issues with U.S. regulators seeking to crack down on tax inversion deals.
Medtronic scored EU regulatory approval for its $43 billion acquisition of Covidien, days after U.S. antitrust authorities signed off on the deal subject to certain conditions.
In its annual 10-K filing with the SEC, Covidien quietly noted that it is under a federal subpoena related to some of its peripheral vascular products.
Covidien today announced FDA 510(k) clearance for its Fortrex percutaneous transluminal angioplasty balloon catheter, designed to maintain arteriovenous access in hemodialysis patients suffering from chronic kidney disease or end-stage renal failure.
Medtronic's fastest growing business is in diabetes, which gained 10% to $430 million in the most recent quarter over a year ago. Now the medical device giant is looking to expand beyond its dominance in Type 1 diabetes that is based on the success of its insulin pump MiniMed. During an earnings call, Medtronic disclosed that it reorganized its diabetes group last quarter.
Dialysis provider DaVita HealthCare Partners has partnered with Medtronic for a pilot program to study cardiac arrhythmias in end-stage renal disease patients receiving dialysis. It will use the tiny implantable cardiac monitor, Linq, which Medtronic launched early this year.