Covidien may base spin-off drugs company in Ireland

COVIDIEN Plc, a maker of surgical products and drugs, plans to spin-off its pharmaceuticals division into a separate company that could be based in Ireland.

The drugs unit generates about €1.5 billion in annual sales, with about two-thirds coming from the US market, the company said in a statement yesterday.

Among its products are Exalgo, a 24-hour extended release opioid, and Pennsaid, a topical anti-inflammatory medication.