HAMILTON, Bermuda--(BUSINESS WIRE)--Aug. 19, 2008--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
To learn more about Covidien Ventures, please visit
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
CONTACT: Covidien Ltd.
Eric Kraus, 508-261-8305
Senior Vice President
Coleman Lannum, CFA, 508-452-4343
Bruce Farmer, 508-452-4372
Wayde McMillan, 508-452-4387
SOURCE: Covidien Ltd.