Done – Medtronic-Covidien Deal

January 26, 2015


• Categories: Market Access

Shares of the new company Medtronic Inc. will debut on Tuesday, January 27, on the New York Stock Exchange.

“The culmination of this acquisition marks a significant milestone in our industry, creating a company uniquely positioned to alleviate pain, restore health and extend life for more patients around the world. We can now bring together the extensive and innovative capabilities of both Medtronic and Covidien with an underlying objective to solve healthcare’s biggest challenge – expanding access and improving clinical outcomes, while lowering costs,” chairman & CEO Omar Ishrak said in prepared remarks.

“This is an exciting day for our employees as we officially join forces to pursue our shared commitment to addressing universal healthcare needs and accelerating Medtronic’s three fundamental strategies of therapy innovation, globalization and economic value. We know that our combined businesses can have a real and meaningful impact on people’s lives – helping to treat more people, in more ways and in more places around the world,” Ishrak said.

According to the press release, the transaction is valued at $49.9 billion, based on its closing price of $75.59 per share.

The new company would boast of some staggering numbers:

• Total Revenue: $27.8 billion
• Number of employees: 85,000 +
• Number of countries operating in: 160 +
• Number of patents: 53,000 + 
• Research and Development spend: $2 billion
• Charitable contributions: $80 million

Source:
Medtronic.com.