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Covidien Completes $100 Million CNS Therapeutics Deal

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NEW YORK (AP) — Drug and medical device maker Covidien (NYSE: COV  ) said Tuesday it completed its $100 million purchase of CNS Therapeutics.

CNS makes gablofen, a generic version of a drug that treats severe spasticity, and it is developing other pain and spasticity treatments. Covidien announced it was buying CNS on Sept. 24.

CNS is now part of Covidien's Mallinckrodt pharmaceuticals business. The Irish drugmaker plans to spin off Mallinckrodt into a separate publicly traded company in mid-2013.

Shares of Covidien rose 13 cents to close at $59.41.

The Motley Fool has no positions in the stocks mentioned above. Motley Fool newsletter services recommend Covidien Ltd.. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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12/31/1969 7:00 PM
COV $0.00 Down +0.00 +0.00%
Covidien CAPS Rating: *****