Medtronic Set To Pay Part Of $500 Mil. Tyco Tax Settlement
This article was originally published in The Gray Sheet
The settlement would put to rest a dispute between former Covidien parent company Tyco and the IRS over taxes on intercompany debt. If the settlement is finalized, Medtronic’s share would be about $210 million.
You may also be interested in...
Covidien is now a $9.9 billion, pure-play medical device and supplies company. Separately, the firm could be liable for more than $1 billion in back taxes due to an IRS audit of its former parent, Tyco, though the case is expected to take years to play out in court.
Janux reported early clinical trial data for its lead asset JANX007 that may show differentiated efficacy in the crowded PSMA space and for an EGFR agent with lung and kidney tumor shrinkage.
Incyte’s Jakafi-dominated portfolio gained Opzelura as a second source of significant revenue in 2021. While further diversification has been limited, new and existing R&D assets may deliver upside in 2024.