Covidien Plans Spin-Off of Pharmaceuticals Business

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Covidien plc (NYSE: COV), today announced that it plans to spin off its pharmaceuticals business into a standalone public company.Covidien's pharmaceuticals business is one of the world's largest producers of bulk acetaminophen, the largest United States supplier of opioid pain medications and is among the top 10 generic pharmaceuticals manufacturers in the U.S., based on prescriptions. Since 2008, this business has received U.S. Food and Drug Administration approval for eight new products, including two branded pain products launched in 2010.

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