Covidien Spinning Off Drugs Unit to Focus on Pain Management
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Covidien Plc., a maker of surgical products and drugs, plans to spin off its pharmaceuticals division into a separate company that would be better able to compete in the growing pain-management area.
The drugs unit generates about $2 billion in annual sales, with about two-thirds coming from the U.S. market, the company said in a statement today. Among its products are Exalgo, a 24-hour extended release opioid, and Pennsaid, a topical anti-inflammatory medication.