Weeks after Medtronic and Covidien won shareholder approval for their $43 billion merger, the companies expect to finalize the deal today after the Irish High Court signed off on the pending acquisition.
Covidien today announced the CE mark granted for its Stellarex drug-coated balloon for peripheral artery disease. In addition to physically displacing the lesion with angiopolasty, Stellarex delivers the drug paclitaxel like many of its European competitors.
Medtronic and Covidien are nearing the finish line of their pending $43 billion merger as Medtronic shareholders voted on Tuesday to approve the deal, following in the footsteps of a similar vote from Covidien shareholders.
Covidien is working on a new version of its superDimension device that can eliminate the need for a bloody incision when performing a lung biopsy.
The FDA gave PMA approval to Medtronic's IN.PACT Admiral drug-coated balloon for the treatment of peripheral artery disease in the upper leg, making it a competitor to C.R. Bard's recently approved Lutonix 035 balloon.
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.