Covidien was 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
Tyco International plc was a security systems company incorporated in the Republic of Ireland, with operational headquarters in Princeton, New Jersey, United States (Tyco International (US) Inc.). Tyco International was composed of two major b ...
in 2007. It was purchased by
Medtronic in a transaction that closed in 2015. The now-merged company is headquartered in
Ireland
Ireland ( ; ga, Éire ; Ulster Scots dialect, Ulster-Scots: ) is an island in the Atlantic Ocean, North Atlantic Ocean, in Northwestern Europe, north-western Europe. It is separated from Great Britain to its east by the North Channel (Grea ...
, where Covidien was based.
History
In 2007, Covidien was formed when
Tyco International
Tyco International plc was a security systems company incorporated in the Republic of Ireland, with operational headquarters in Princeton, New Jersey, United States (Tyco International (US) Inc.). Tyco International was composed of two major b ...
spun off its health care business.
In 2012, Covidien acquired Newport Medical Instruments, a small ventilator manufacturer supplier. 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. 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
The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identi ...
.
In October 2013, Covidien sold its Confluent Surgical product line for $235 million to
Integra LifeSciences
Integra LifeSciences is a global medical device manufacturing company headquartered in Princeton, New Jersey. Founded in 1989, the company manufactures products for skin regeneration, neurosurgery, reconstructive and general surgery. Integra art ...
, including its DuraSeal, VascuSeal and SprayShield products.
In January 2014, Covidien acquired WEM Electronic Equipment, based in
Ribeirão Preto
Ribeirão Preto (Portuguese pronunciation: ibejˈɾɐ̃w ˈpɾetu is a municipality and a metropolitan area located in the northeastern region of São Paulo state, Brazil.
Ribeirão Preto is the eighth-largest municipality in the State wit ...
, Brazil.
In June 2014, Covidien agreed to be acquired by
Medtronic for $42.9 billion.
References
External links
Covidien.comCovidien Company Profile at MarketWatchKey Statistics
{{Pharmaceutical companies of the United States
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