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World's No.1 Medical Device Maker Agrees to Big Acquisition
Medtronic Inc., the world's largest medical device producer, has agreed to purchase MiniMed Inc. and an affiliated company for 3.7 billion US dollars, the third 3 billion-dollar-plus acquisition of Medtronic in three years, the Los Angeles Times reported on Thursday.
If approved by shareholders and regulators, the purchase of MiniMed, a leader in the development and sale of diabetes management devices including insulin pumps, will be conducted in 3. 28 billion cash dollars by Minneapolis-based Medtronic.
As part of the deal, Alfred E. Mann, MiniMed's co-founder, will step down as chairman and chief executive, the newspaper said.
Medtronic also agreed to purchase Mann's closely held Medical Research Group Inc. for 420 million dollars in cash and stocks.
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