Covidien To Separate $2B Pharmaceuticals Unit

Law360, New York (December 15, 2011, 12:55 PM EST) -- Health care products company Covidien PLC will spin off its $2 billion pharmaceuticals business into a stand-alone public company to help the new entity better compete in the growing pain management market, the company announced Thursday.

One of the world’s largest producers of bulk acetaminophen, Covidien's pharmaceuticals business generates about $2 billion in annual sales, with about two thirds coming from the U.S. market.

Covidien, which has offices in Dublin, Ireland, and Mansfield, Mass., had been in negotiations earlier this year to sell its pharmaceutical business...
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