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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.
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