An FDA panel gave the nod to Covidien plc’s (NYSE:COV) Pipeline embolization device, recommending that it be approved to treat large brain aneurysms. Covidien acquired the technology with its $2.6 billion buyout of ev3 Inc. last year. The Pipeline device is designed to treat large, giant and wide-necked brain aneurysms. It’s a coil of wire […]
Covidien plc (NYSE:COV) announced a succession in its corner office, tapping the leader of its medical device unit to become its new president and CEO in July, replacing the retiring Richard Meelia. The Mansfield, Mass.-based medical products conglomerate said Jose Almeida will become president and CEO of the company after Meelia steps down July 1. Almeida, a 16-year Covidien and Tyco Healthcare veteran, has been president of the company's medical device division, its largest, since 2006. He'll also become a member of Covidien's board in July.
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
Sales for the Mansfield, Mass.-based company's devices segment rose 11.1 percent during the three months ended Dec. 24, 2010, to $1.88 billion. For Covidien's two other segments, pharmaceuticals and medical supplies, the trend was in the opposite direction. Pharma revenues slipped 8.0 percent to $470 million; medical supplies revenues were down 4.7 percent, to $422 million, compared with the same period last year.
In a speech at MIT, Covidien plc CEO Rich Meelia says the Great Recession was the first time in a 40-year career he’s ever seen procedure volumes drop. The chief executive of one of the largest medical device companies said the Great Recession, which put a stranglehold on the global economy from 2008 to 2009, […]
Covidien plc’s medical device division powers strong top- and bottom-line growth during the fourth quarter as it closes out fiscal 2010 on the upswing. Covidien plc (NYSE:COV) made up some ground during fiscal 2010, reversing last year’s 33 percent profit slump and then some. The Mansfield, Massachusetts-based medical products maker, once again powered by its […]
Cardiovascular Systems Inc. (NASDAQ:CSII) and local rival ev3 Inc. have called a truce. CSI, based in St. Paul, Minnesota, said Tuesday it has settled an employment lawsuit with ev3, headquartered in Plymouth. The suit, filed by ev3 in 2007, accused CSI of poaching two unspecified employees.
At the Abarca Forward conference earlier this year, George Van Antwerp, managing director at Deloitte, discussed how social determinants of health and a personalized member experience can improve medication adherence and health outcomes.
VNUS and Aspect Medical Systems buyouts boost the company’s medical device business as Covidien Plc. posts $364 million profit on 2.6 billion in sales. All that bargain hunting is starting to pay off for Covidien Plc. (NYSE:COV). Despite relatively flat sales growth overall, the Mansfield, Mass.-based medical products giant saw sales in its medical devices […]
ev3 Inc. (NSDQ:EVVV) agreed to settle a group of lawsuits filed by shareholders looking to block its $2.6 billion buyout by Covidien plc (NYSE:COV). The lawsuits, filed in the Hennepin County District Court for Minnesota and Delaware’s Court of Chancery, accused the Plymouth, Minn.-based company’s board of breaching its fiduciary duties in giving a green […]
Highlights of the important and the interesting from the world of healthcare: FDA panel to consider pulling Avandia. An expert panel of the U.S. Food and Drug Administration is planning a mid-July meeting to consider whether GlaxoSmithKline’s (NYSE: GSK) diabetes drug Avandia should be pulled from the market. Dr. Steven Nissen of the Cleveland Clinic […]
Covidien plc agrees to pay $250 million in cash to acquire oximetry device maker Somanetics Corp. at $25 per share. Covidien plc (NYSE:COV) continued to streamline its medical device operations with the latest acquisition in a series of buys and sells: a $250 million cash buyout of oximetry equipment maker Somanetics Corp. (NSDQ:SMTS). The Mansfield, […]
Gabby Everett, the site director for BioLabs Pegasus Park, offered a tour of the space and shared some examples of why early-stage life science companies should choose North Texas.
The medical device industry spent at least $20 million to lobby lawmakers and federal agencies during the first quarter. The medical device industry once again spent big bucks to ensure its voice was heard in Washington during the first quarter, dropping more than $20 million on lobbying efforts for health issues at the U.S. House […]
Given Wall Street’s turmoil of late, it’s not too surprising that buyers would search for bargains, especially struggling medical device companies with promising technology and awful balance sheets. Case in point: Medtronic Inc.’s (NYSE: MDT) $370 million purchase of ATS Medical Inc. in Plymouth, Minn. But ev3 Inc. (NASDAQ: EVVV) and Virtual Radiological Corp. (NASDAQ: […]
The U.S. Department of Justice has sued Johnson & Johnson, accusing it of paying Omnicare Inc. in Covington, Ky., millions of dollars in kickbacks to buy and recommend J&J's drugs for patients in nursing homes.