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Medtronic Acquiring Covidien for $43 billion

Medtronic has agreed to acquire Covidien in a cash-and-stock deal worth nearly $43 billion. The buyout, an "inversion" deal, will allow Medtronic to lower its overall tax rate by re-incorporating in Ireland.

But Medtronic CEO Omar Ishrak defined the driver of the deal as “strategic.” "The real purpose of this, in the end, is strategic, both in the intermediate term and the long term," Ishrak told Reuters. "It is good for the U.S. in that we will make more investment in U.S. technologies, which previously we could not."

Both boards of directors have approved the deal.

The acquisition adds Dublin- and Mansfield, Mass.-based Covidien's endoscopy, vascular, respiratory and patient care businesses to Medtronic's core cardiac rhythm management, spine and diabetes units.

Terms of the deal, expected to close during the 4th quarter or in early 2015, call for Medtronic to pay $93.22 per share for Covidien. Each Covidien share will be converted to the right for $35.19 in cash and 0.956 MDT shares, which is said to equate to a 29 percent premium on Covidien's $75.02 closing price June 13. The deal will leave Covidien stockholders with about a 30 percent stake in Medtronic, the world's largest-pure-play medical device company.

Senate Confirms Burwell to Replace Sebelius

Sylvia Mathews Burwell was confirmed late June 5th Department of Health and Human Services, replacing Kathleen Sebelius -- the public face of the botched rollout -- who stepped down from her post in April after five years of service.

An overwhelming 78-17 approval vote puts Burwell, who previously served as the White House's budget director, in the spotlight to deal with the Affordable Care Act and the U.S. healthcare system.

Democrats hope Burwell will bring a fresh face to the ACA just a few months before the November midterm congressional elections, after the botched rollout damaged public opinion regarding the law and what it means for the future of healthcar.

Campaigning against the law has helped Republicans in the off year, and the GOP hopes for premium increases before the midterm elections, which could lift them up in the polls and help win the Senate majority in 2015, Burwell, who is respected among both Democrats and Republicans, currently serves as Obama's budget director.

MedCity CONVERGE to Debate Hottest Topics July 15-16

MedCity CONVERGE – July 15-16 in Philadelphia at the Sheraton Downtown -- provides the most accurate picture of the future of medical innovation by gathering decision-makers from every sector to debate the challenges and opportunities facing the industry.

This national, executive-level summit gathers leaders from health systems, payers, medical device, pharma and digital health/health IT to join with entrepreneurs, government leaders, investors and other key stakeholders to see the latest innovations and create, through their conversations, truly actionable intelligence on where the innovation opportunities are right now.

Through a mix of provocative conversations, heavily interactive networking sessions and a showcase of the hottest early-stage companies, CONVERGE empowers attendees to guide their organizations in a way other conferences can’t.

Topics will include: future of telemedicine, personalized medicine, health insurance innovation speaker series, wearable technology, healthcare business innovation funding, the Sunshine Act and more. The Start-up Showcase will feature 24 of the hottest early-stage startups showcasing cutting-edge technology solutions.

Register at

Featured Contributor

Daniel P. Friedmann, MD, is a board certified dermatologist and fellowship-trained cosmetic surgeon and phlebologist at Westlake Dermatology, as well as the founder and clinical research director of the Westlake Dermatology Clinical Research Center in Austin, Texas. Dr. Friedmann is an active member of the American College of Phlebology and a fellow of the American Academy of Dermatology and the American Society for Dermatology Surgery.


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