CONTACT US   |  (864) 397-5101

Siemens, GE Healthcare are interested in Medtronic spinoff units: Bloomberg

Medtronic

Medtronic’s plan to spin off of its patient monitoring and respiratory interventions businesses is drawing interest from potential buyers including Siemens Healthineers and GE Healthcare, Bloomberg News reported on Thursday citing people familiar with the matter.

Unidentified private equity firms also are considering acquiring the two businesses, Bloomberg said, with the two units together valued at more than $7 billion. 

Medtronic spokesperson Erika Winkels said in an email to MedTech Dive said the company won’t comment on rumors or speculation.

“We have said in the past that this intended separation would result in either the creation of a new standalone company or a sale of these businesses to another company. The details of the intended separation are currently being assessed,” Winkels wrote. 

Medtronic announced plans in October to spin off the two units into a new company focused on connected care with a combined revenue of about $2.2 billion. It would include pulse oximetry, brain monitoring and perfusion monitoring solutions from Medtronic’s patient monitoring portfolio, and ventilators and video laryngoscopy breathing systems from its respiratory interventions portfolio. The spinoff was expected to close in the next 12 to 18 months.

GE declined to comment on the report and Siemens Healthineers didn’t respond to a request for comment by the time of publication. 

Siemens Healthineers, which produces imaging equipment, diagnostics and software solutions for hospitals, had about 1.44 billion euros ($1.53 billion) in cash and equivalents at the end of Sept. 30, according to its most recent quarterly statement.

GE Healthcare, which is expected to spin off from its parent company in early January, had about $1.8 billion in cash, equivalents and restricted cash as of June 30, according to pro forma financial statements in a filing detailing its own spinoff. The business includes GE’s imaging, ultrasound, patient care solutions and pharmaceutical diagnostics segments.

Join now to enjoy expanded member benefits!

Enjoy exclusive member content, special events, savings, networking and more

Tamia Sumpter

Tamia is a driven senior undergraduate Bioengineering student currently enrolled at Clemson University. With a strong foundation in her field, she has honed her skills through hands-on experience in research and development at Eli Lilly & Company. During her time in the ADME department, Tamia contributed significantly by working on siRNAs and their applications in finding In Vitro-In Vivo Correlation (IVIVC). Looking ahead, Tamia has set her sights on a promising career in law. She aspires to specialize in Intellectual Property Law, with a particular focus on serving as in-house counsel for leading medical device or pharmaceutical companies. Her enthusiasm for this role is palpable as she prepares to embark on her legal journey! She is also a proud member of the Omicron Phi chapter of Delta Sigma Theta Sorority, Inc., PEER Mentor for Clemson PEER/WiSE, and currently serves as the President of Clemson Bioengineering Organization (CBO). With her unique blend of scientific knowledge and legal interests, Tamia is poised to make a meaningful impact in the healthcare and life sciences industries.