Trinity Biotech enters into LoI with Bayer; launches CGM biosensor device

Trinity Biotech plc announced that it has entered into a non-binding Letter of Intent with Bayer for the launch of a Continuous Glucose Monitoring biosensor device in China and India. This Letter of Intent is related to the Company’s recently announced acquisition of the CGM assets of Waveform Technologies, Inc..

Trinity has entered into a Letter of Intent with Bayer’s subsidiary in China under which both parties confirmed their intent to further explore an exclusive joint partnership between the Company and Bayer for the launch of a CGM focused biosensor device into the Chinese market (the “China Joint Partnership”). Both parties intend to negotiate a definitive agreement under the framework set by the Letter of Intent in the coming months. The China Joint Partnership intends to leverage Bayer’s significant and well-established presence in the Chinese healthcare market, particularly in diabetes, and is intended to lead to the launch of a low cost of care, high quality, CGM device designed to increase affordability and accessibility of diabetes care. Diabetes is a major health concern in China, with a significant and rapidly growing diabetes prevalence rate. Factors such as urbanisation, dietary changes and sedentary lifestyles have contributed to the escalation of Type 2 diabetes across China, creating a pressing need for innovative and low cost of care solutions to manage and combat this condition.

In addition to the proposal to enter the Chinese market, the Letter of Intent includes a framework for the intention to launch a CGM device in India. India faces a significant public health challenge with over 100 million people living with diabetes and a rise in both Type 1 and Type 2 diabetes. To date, CGM use in India is not widespread, but has been trending higher recently with increasing awareness about self-care. With a low cost of care offering, this partnership intends to increase access to CGM technology across India, providing an innovative and affordable path to high quality healthcare.

“We could not have asked for a stronger international partner to help us embark on the journey of introducing our newly acquired innovative and accessible biosensor technology into large

diabetes markets with significant unmet needs,” said John Gillard, Chief Executive Officer. “We believe that the combination of Bayer’s strong local commercial presence and Trinity’s ability to manufacture a low cost of care and innovative CGM device on the back of the Waveform acquisition can drive our collaboration to a market leading status in China, aiding both patients and physicians with the management of diabetes in a data-driven and scaled way. In addition, Bayer’s established presence in the diabetes market in India provides an ideal partnership for us to drive adoption of CGM in this strategically important and expanding market. I believe that this development demonstrates the value that can be created for Trinity’s shareholders through the company’s revised strategy”.
MB Bureau