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Covidien creates Covidien Ventures

This article was originally published in The Gray Sheet

Executive Summary

Newly established venture group will give Covidien "a window into emerging technologies and markets and provide a pipeline for potential acquisitions," firm announces Aug. 19. The unit will help Covidien catch up with rivals in R&D as a percentage of sales - a commitment made when the firm spun off from Tyco in 2007, a spokesman said. Investments will be sought in the device, imaging and pharmaceutical sectors, and "could potentially lead to our acquiring technology, intellectual property or start-up companies to expand our product portfolio and accelerate business growth," according to Amy Wendell, senior VP-corporate strategy and business development
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