Covidien Plans to Spin off Pharma Business, Including Its API Business

Covidien (Dublin) says it plans to spin off its pharmaceuticals business into a standalone public company. “The spin off includes the company’s active pharmaceutical ingredients (API) business, which had revenue of about $416 million in the fiscal year ended September 30, 2011,” Covidien tells CW. Covidien manufactures and sells a range of product lines in three segments- medical devices, pharmaceuticals and medical supplies. The pharmaceuticals business of Covidien had sales of about $1.97 billion and the company had total sales of about $11.6...

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