Medtronic scored a victory in its ongoing patent war with Mirowski Family Ventures, as the U.S. Supreme Court passed on hearing an appeal from Mirowski over patents for implantable defibrillator devices.
Medtronic announced that the first patients have enrolled in the pivotal trial of its its next-generation integrated insulin pump and continuous glucose monitoring system and the Predictive Low Glucose Management algorithm. Up to 84 patients will enroll in the trial at 8 centers across the U.S.
BOSTON-- Whether through collaboration with academia or buyouts of smaller players, panelists at the Partnership Opportunities in Drug Delivery conference concurred that Big Pharma is increasingly looking externally for innovation and using its size and financial to power candidates through clinicial and onto the market.
Days after Medtronic revealed plans to refinance its $42.9 billion acquisition of Covidien due to new tax rules cracking down on inversions, the company announced a corporate shakeup pending the deal's close.
A recent report by Evaluate MedTech released at the annual AdvaMed med tech conference in Chicago found that M&A deal value in the med tech sector grew by 363% year over year in the first half of 2014 to $30 billion.
Medtronic announced that it will fund its $43 billion acquisition of Ireland's Covidien using $16 billion in external financing instead of capital from its foreign subsidiaries. The tweak is in response to Treasury Department rules designed to discourage inversions.
Device advice was in abundance at today's Food and Drug Law Institute panel discussion on the industry's compliance with promotion and advertising regs, featuring prominent industry lawyers from Medtronic, Covidien, Abbott and law firms.
In light of new U.S. tax rules tightening the reins on corporate inversions, Medtronic could be poised to revise its $42.9 billion deal with Ireland-based Covidien.
The Treasury Department's issuance of a notice cracking down on inversions was designed to create uncertainty, says Terry Haines, head of political analysis at investment research firm ISI Group. By that count, the move has succeeded. Questions abound. Will one of the affected companies sue to challenge the legal validity of the agency's action? And what's next? The 42-page notice requests comment and says that the Treasury Department and the IRS expect to issue additional guidance.
Treasury Secretary Jacob Lew yesterday unveiled a plethora reforms to make tax inversion more difficult and less attractive, potentially killing a plethora of pending mergers with foreign companies, including Medtronic's $43 billion tie-up with Ireland's Covidien.