Covidien Ltd. (NYSE: COV), a healthcare products company, has formed Covidien Ventures, a corporate venture capital arm that will focus on strategic investments. It will be managed by Daniel Sheehan, who previously was with Affinity Capital Management.
Covidien Ltd. (NYSE: COV; BSX: COV), a leading global provider of healthcare products, today announced that it has established Covidien Ventures, a corporate venture capital function. Covidien Ventures will invest in areas of strategic importance to the Company with the goal of providing early exposure to innovative technologies and enhancing market intelligence in healthcare products.
Covidien Ventures will be managed by Daniel T. Sheehan, Vice President of Corporate Venture Capital, who recently joined Covidien from Affinity Capital Management. Dan, who has 20 years of experience in venture capital, business development and investment banking, will direct the new fund and lead the investment process for Covidien.
“Covidien Ventures will allow us to make early-stage investments and investigate emerging technologies in the healthcare areas of interest to Covidien,” said Amy Wendell, Senior Vice President, Corporate Strategy and Business Development. “This exposure could potentially lead to our acquiring technology, intellectual property or start-up companies to expand our product portfolio and accelerate business growth.”
To learn more about Covidien Ventures, please visit www.covidienventures.com.
ABOUT COVIDIEN LTD.
Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in four segments: Medical Devices, Imaging Solutions, Pharmaceutical Products and Medical Supplies. With 2007 revenue of nearly $9 billion, Covidien has more than 42,000 employees worldwide in 57 countries, and its products are sold in over 130 countries. Please visit www.covidien.com to learn more about our business.