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[IP] Medtronic to buy MINIMED for $3.7 BILLION

Medtronic to buy Minimed, Medical Research Group

MINNEAPOLIS, May 30 (Reuters) - Medical devices maker  Medtronic Inc. <<A HREF="aol://4785:MDT">MDT.N</A>> 
on Wednesday said it had agreed to buy MiniMed Inc. <<A HREF="aol://4785:MNMD">MNMD.O</A>>, a maker of 
insulin pumps used by diabetics, and Medical Research Group Inc., a firm 
partly owned by MiniMed, for $3.7 billion. 

Minneapolis-based Medtronic will pay $48 cash per share for Northridge, 
Calif.-based MiniMed, or a total of about $3.28 billion, to expand its 
surgical products beyond cardiac and vascular, pacemakers, neurological and 
spinal devices and ear, nose and throat devices, the company said. 

Medtronic is paying $420 million in cash and stock for Medical Research 
Group, a privately held firm that designs and develops pumps and sensors used 
to treat diabetes. 

"MiniMed's market leadership in diabetes management offers immediate 
opportunities for reaching an expanding market that includes more than 16 
million people in the United States," Medtronic Chief Executive Art Collins 
said in a statement. 

08:18 05-30-01

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