Covidien Completes $100 Million CNS Therapeutics Deal
NEW YORK (AP) — Drug and medical device maker Covidien (NYSE: COV) said Tuesday it completed its $100 million purchase of CNS Therapeutics.
CNS makes gablofen, a generic version of a drug that treats severe spasticity, and it is developing other pain and spasticity treatments. Covidien announced it was buying CNS on Sept. 24.
CNS is now part of Covidien's Mallinckrodt pharmaceuticals business. The Irish drugmaker plans to spin off Mallinckrodt into a separate publicly traded company in mid-2013.
Shares of Covidien rose 13 cents to close at $59.41.