Medtronic has agreed to acquire insulin pen manufacturer Companion Medical for an undisclosed sum.
Companion Medical’s InPen is an insulin pen system cleared by the US Food and Drug Administration (FDA). It consists of a Bluetooth pen and mobile app that helps users administer the right dose insulin.
The latest acquisition is part of Medtronic’s strategy to advance the automation of insights and dosing capabilities for insulin delivery.
As part of the acquisition, Medtronic plans to expand the global availability of InPen.
Medtronic Diabetes Group president and executive vice-president Sean Salmon said: “This acquisition is an ideal strategic fit for Medtronic as we further simplify diabetes management and improve outcomes by optimising dosing decisions for a large number of people using multiple daily injections (MDI).
“We look forward to building upon the success of the InPen by combining it with our intelligent algorithms to deliver proactive dosing advice personalised to each individual. This smart CGM system can help people think less about diabetes and be able to live life with more freedom on their own terms.”
Medtronic noted that the transaction will be neutral to its adjusted earnings per share in the current fiscal year and accretive thereafter. – MB Bureau