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Covidien to spin off pharmaceutical business

Move will free company to focus on medical devices

By Robert Weisman

 |  Globe Staff  

  December 16, 2011

Global health care products company Covidien plc yesterday said it plans to spin out its pharmaceuticals business, which rings up about $2 billion in annual sales, into a standalone public company that will operate independently of Covidien. The move will free up Covidien, which is incorporated in Dublin but has its headquarters in Mansfield, to focus on its more profitable medical device business and other operations that together account for more than 80 percent of its revenues.

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