Medtronic to acquire Companion Medical to expand diabetes business

By Akshay Kedari  | Date: 2020-08-13

Medtronic to acquire Companion Medical to expand diabetes business

Medtronic plc, the global leader in medical technologies, has reportedly announced that it is planning to acquire insulin pen manufacturer Companion Medical.

The acquisition gives Medtronic access to Companion Medical’s ‘InPen’, which is the first US FDA-cleared smart insulin pen device combined with an optimized diabetes care app manufactured by the privately held company.

The introduction of the InPen to the Medtronic portfolio strengthens the company’s ability to provide a special and comprehensive service system, irrespective of how insulin is administered, to patients where they are in their progression through diabetes. 

Companion Medical's purchase builds on previous Medtronic acquisitions, including Nutrino and Klue, which form foundations for the construction of efficient algorithms that leverage the advanced data science and AI capabilities of the organization. 

Medtronic will collaborate through this new investment to further automate insights and dosing capacities to reduce affecting factors irrespective of the technology chosen for insulin transmission. Additionally, the deal assists Medtronic's plan extends to InPen's worldwide distribution.

Sources cite that the acquisition will be concluded within one to two months, provided all usual closing conditions are met. This is estimated that the deal would be favorable to, and accretive to, Medtronic's adjusted income per share during the current fiscal year. This will also follow the long-term financial benchmarks of Medtronic for acquisitions.

Sean Salmon, executive vice president and president of the Diabetes Group at Medtronic highlighted the firm's goal to find a trusted partner that offers support for an individual's preferences whether they want to stay on MDI, take on automated insulin or refrain from using their pump for some time. 

Highlighting the InPen, Sean said that the company is looking forward to expanding InPen's success by integrating it with smart algorithms to provide customized, constructive dosing guidance. This smart CGM machine can make people careless of diabetes and lead their own lives independently, he added.

Sean Saint, CEO, and co-founder of Companion Medical shared his excitement and stated that they are excited to bring together abilities and product offerings to support ever more diabetes-induced citizens around the globe.

Source Credit - https://www.businesswire.com/news/home/20200811005363/en/Bayer-Acquire-UK-Based-Biotech-KaNDy-Therapeutics-Ltd

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

McDonald’s to leave Russia after 30 years amidst Ukraine’s invasion

McDonald’s to leave Russia after 30 years amidst Ukraine’s invasion

By Akshay Kedari

After Ukraine’s invasion, multinational fast-food giant McDonald's Corp. is reportedly planning to sell all its restaurants in Russia, pulling operations from the nation after 30 years. The world's biggest fast-food chain closed 847 ...

Berlin’s GetHenry bags USD 17.4 Mn seed funding for business expansion

Berlin’s GetHenry bags USD 17.4 Mn seed funding for business expansion

By Akshay Kedari

GetHenry, a Berlin-based company that offers couriers and logistics organizations electric last-mile delivery bikes, has reportedly raised USD 17.4 million seed round to grow its operations across Europe. The latest investment round was led by LocalG...

Ferrari to equip the upcoming Purosangue with its trademark V12 engine

Ferrari to equip the upcoming Purosangue with its trademark V12 engine

By Akshay Kedari

Italian luxury sports car manufacturer Ferrari S.p.A. will equip its much-awaited Purosangue SUV with a 12-cylinder engine, as it focused more on fuel-efficient models. Confirming the news, Ferrari Chief Executive Benedetto Vigna claimed that the com...

White House to spend USD 3 billion on EV battery manufacturing in U.S.

White House to spend USD 3 billion on EV battery manufacturing in U.S.

By Akshay Kedari

According to reliable sources, the Biden administration is planning to provide USD 3 billion in finance to reinforce EV battery manufacturing capabilities in the United States. The apparent funds will be issued by the Department of Energy from Presid...

Telefonica eyeing Israel’s high-tech sector to improve its portfolio

Telefonica eyeing Israel’s high-tech sector to improve its portfolio

By Akshay Kedari

Telefonica S.A. is planning to increase its investments in Israel’s high-tech sector this year, a senior official reported recently. The company, which is Europe’s third-largest telecommunications company, is also eyeing the country&rsquo...