Covidien
 | This article needs to be updated. (August 2022) |
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Medical equipment |
| Founded | 2007 |
| Fate | Merged with Medtronic |
| Successor | Itself (as a subsidiary of Medtronic)[1] |
| Headquarters | Dublin, Ireland |
Area served | Worldwide |
Key people | José E. Almeida (CEO) Bryan Hanson (EVP and President, Covidien Group)[2] |
| Products | Medical devices Surgical supplies Medical supplies |
Number of employees | 39,000 (2014) |
| Parent | Medtronic |
| Website | Covidien.com |
Covidien (formerly an independent company known as Covidien plc) is an Irish-headquartered global health care products company and manufacturer of medical devices and supplies. Covidien became an independent publicly traded company after being spun off from Tyco International in 2007.[3] It was purchased by Medtronic in a transaction that closed in 2015. The now-merged company is headquartered in Ireland, where Covidien was based.[4]
History
[edit]In 2007, Covidien was formed when Tyco International spun off its health care business.[5]
Newport Medical Instruments, a modest ventilator provider and manufacturer, was purchased by Covidien in 2012. Newport Medical Instruments had been contracted in 2006 by the U.S. Department of Health and Human Services' Biomedical Advanced Research and Development Authority to design a cheap, portable ventilator. At the time, Newport Medical Instruments had three working prototypes produced, and was on schedule to file for market approval late 2013. Covidien then effectively halted the project, subsequently exiting the contract, citing the reason that it was not profitable enough due to significant design faults which had to be corrected with extensive redesign with minimal impact to regulatory requirements. Government officials and other medical equipment suppliers suspected that the Newport acquisition was largely done to prevent a cheaper product from undermining Covidien's existing ventilator business. This contributed to the shortage of ventilators during the COVID-19 pandemic.[6]
In October 2013, Covidien sold its Confluent Surgical product line for $235 million to Integra LifeSciences, including its DuraSeal, VascuSeal and SprayShield products.[7]
In January 2014, Covidien acquired WEM Electronic Equipment, based in Ribeirão Preto, Brazil.[8]
In June 2014, Covidien agreed to be acquired by Medtronic for $42.9 billion.[9][10]
References
[edit]- ^ Covidien Loses Bid to Toss Suit Over Mallinckrodt Spin-off Archived 2024-02-22 at the Wayback Machine
- ^ "Medtronic: Leadership", medtronic.com
- ^ Staff, Sleep Review (12 July 2007). "Covidien Goes Public". Sleep Review. Retrieved 15 April 2020.
- ^ Riley, Charles (15 June 2014). "Medtronic buys Covidien for $42.9 billion". CNNMoney. Retrieved 11 February 2019.
- ^ Anonymous (1 February 2007). "Tyco Healthcare to Become Covidien". MDDI Online. Retrieved 17 January 2020.
- ^ Kulish N, Sarah Kliff S, Silver-Greenberg J (29 March 2020). "The U.S. Tried to Build a New Fleet of Ventilators. The Mission Failed". The New York Times. Retrieved 30 March 2020.
- ^ "Covidien flips surgical sealants to Integra for $235M". FierceBiotech. Retrieved 12 September 2021.
- ^ "Covidien anuncia aquisição da paulista WEM". saudebusiness.com. Archived from the original on 17 October 2016. Retrieved 4 June 2016.
- ^ "Analyzing Medtronic's Acquisition of Covidien". finance.yahoo.com. 15 April 2016. Retrieved 29 January 2019.
- ^ "Medtronic - Covidien Transaction Information". medtronic.com. Archived from the original on 9 May 2022. Retrieved 8 May 2020.
External links
[edit]- Medtronic
- Tyco International
- Health care companies of Ireland
- Companies formerly listed on the New York Stock Exchange
- Multinational companies
- Defunct pharmaceutical companies of the United States
- Companies based in Massachusetts
- Pharmaceutical companies established in 2007
- Health care companies established in 2007
- Corporate spin-offs
- 2015 mergers and acquisitions
- Tax inversions