Heart device maker St. Jude Medical Inc said it has no plans to jump on the consolidation bandwagon that has swept the healthcare sector in recent months and is not seeking the type of "inversion" deal increasingly popular among U.S. companies seeking to lower taxes by re-basing abroad.In the most recent such deal in the medical device sector, Medtronic Inc last month agreed to purchase Covidien for $43 billion. The move will allow Medtronic to re-domicile to Ireland to take advantage of low corporate tax rates and to access cash overseas without having to pay high repatriation costs.St. Jude's chief financial officer, Don Zurbay, said on Wednesday the company was open to deals if they fit with the therapeutic areas that are its focus, such as cardiac care. But a tax inversion strategy is not a priority."It really would have to be a deal that's highly strategic first, and if those benefits happen to be a part of it, that's great. But for us, we don't really feel the need," Zurbay said in a telephone interview, following the company's release of slightly better-than-expected quarterly results.
Medtronic, Inc. (Medtronic) is engaged in medical technology - alleviating pain, restoring health, and extending life for millions of people worldwide. Shares of MDT fell by 1.05% or $-0.67/share to $62.89. In the past year, the shares have traded as low as $51.22 and as high as $65.50. On average, 7197050 shares of MDT exchange hands on a given day and today's volume is recorded at 13903608.
St. Jude Medical, Inc. (St. Jude) develops, manufactures and distributes cardiovascular medical devices. Shares of STJ fell by 0.73% or $-0.5/share to $67.78. In the past year, the shares have traded as low as $49.94 and as high as $71.90. On average, 1836700 shares of STJ exchange hands on a given day and today's volume is recorded at 1533154.
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