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