$3.7 Billion... Going Once... Going Twice... Sold!

Medtronic Acquires Minimed

| Jul 1, 2001

On May 30, medical-devices maker Medtronic Inc. of Minneapolis agreed to buy insulin-pump maker MiniMed Inc. and Medical Research Group Inc.—a firm partly owned by MiniMed—for $3.7 billion.

Medtronic will pay $48 cash per share for the Northridge, California-based MiniMed, for a total of about $3.28 billion. The remaining $420 million will go toward the purchase of Medical Research Group, which designs and develops implantable pumps and sensors (i.e., an "artificial pancreas").

"MiniMed's market leadership in diabetes management offers immediate opportunities for reaching an expanding market that includes more than 16 million people in the United States,'' said Art Collins, chief executive of Medtronic.

Terrance Gregg, president and chief operating officer of MiniMed told Diabetes Health, "We do not expect our name, or the quality of service we provide to our customers, to change. Rather, we expect our relationship with Medtronic to help us advance our technologies at a faster rate and enable us to provide superior service and responsive clinical support to patients living with diabetes."

Gregg adds that Medtronic will provide MiniMed with the financial muscle necessary to grow even further.

"[This will enable] us to enrich the lives of patients living with diabetes each and every day," says Gregg.

Medtronic expects to complete the acquisitions within four months. Medtronic shares rose 22 cents to $43.17 in May 30 trading on the New York Stock Exchange. MiniMed shares rose $2.97, or 6.8 percent, to $46.97, in trading on the Nasdaq Stock Market.

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