Tyco Buys Bard, While Medtronic Scoops Up MiniMed
Executive Summary
Tyco's acquisition of CR Bard and Medtronic's purchase of MiniMed were announced almost simultaneously, but they hardly are true representations of ongoing consolidation in the medical device industry. Tyco bought Bard for manufacturing and distribution synergies, and Tyco officials talked about leveraging Bard as a growth platform in a slow-growth industry. Medtronic bought insulin pump maker MiniMed to expand into a significantly growing field in which it hasn't yet participated.