Covidien PLc (COV.N) is looking to sell its pharmaceuticals unit for about $3 billion to $4 billion, Bloomberg reported, citing sources familiar with the matter. The maker of surgical products and drugs was reportedly in discussions with another healthcare company for the drugs business, but those talks failed, Bloomberg said. JPMorgan Chase & Co is advising Covidien on the matter, the news agency said. Neither Covidien nor JPMorgan Chase was immediately available for comment.
Covidien Public Limited Company, formerly Covidien Ltd. Shares of COV traded higher by 1.93% or $1.03/share to $54.31. In the past year, the shares have traded as low as $35.12 and as high as $57.65. On average, 3608540 shares of COV exchange hands on a given day and today's volume is recorded at 3437868.
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