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Tyco Buys Bard, While Medtronic Scoops Up MiniMed

Tyco's acquisition of CR Bard and Medtronic's purchase of MiniMed were announced almost simultaneously, but they hardly are true representations of ongoing consolidation in the medical device industry. Tyco bought Bard for manufacturing and distribution synergies, and Tyco officials talked about leveraging Bard as a growth platform in a slow-growth industry. Medtronic bought insulin pump maker MiniMed to expand into a significantly growing field in which it hasn't yet participated.

The timing of Tyco International Ltd. 's acquisition of CR Bard Inc. [See Deal] and Medtronic Inc. 's purchase of MiniMed Inc. [See Deal]—both were announced the same day—and their similar sizes led some news reports to lump them together as further evidence of the continuing consolidation of the medical device industry. (The fact that the two acquirers, Tyco and Medtronic, have been among the most aggressive device acquirers, was more reason why some linked the deals.)

But, in fact, the two transactions couldn't have been more different. Consistent with the deals it has done recently, Tyco's...

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