Medtronic (NYSE:MDT) today said it would acquire insulin pen manufacturer Companion Medical for an undisclosed amount.
Companion Medical’s product portfolio includes the InPen FDA-cleared smart insulin pen system that is paired with an integrated diabetes management app on the market. It is designed to help calculate insulin doses, track active insulin and send reports to caregivers and is available in the U.S. by prescription only.
The InPen adds to Medtronic’s diabetes portfolio of the MiniMed insulin pump, Guardian CGM and more.
“This acquisition is an ideal strategic fit for Medtronic as we further simplify diabetes management and improve outcomes by optimizing 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 personalized 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,” executive VP and president of the diabetes group at Medtronic Sean Salmon said in a news release. ”Our goal is to become a trusted partner that offers consistent support whether an individual wants to stay on MDI, transition to automated insulin delivery or take a break from their pump.”
Medtronic’s Companion Medical acquisition adds to the company’s recent strategic buys of Nutrino and Klue that will help design powerful algorithms for deep data science and AI capabilities. Through the acquisition, Medtronic plans to further advance the automation of insights and dosing capabilities to help alleviate the burden with insulin delivery technology. Medtronic will look to expand InPen’s availability globally.
“We are thrilled to be combining our strengths and differentiated product portfolios to work towards serving even more people around the world living with diabetes in the ways that matter most to them,” Companion Medical CEO and co-founder Sean Saint said. “Simplifying diabetes management to reduce the burden and improve outcomes has always been our goal, and through a respected global leader like Medtronic, we’ll now be able to take InPen to this next phase of growth which is great news for people with diabetes who stand to benefit most.”
The acquisition is expected to close within one to two months and is subject to the satisfaction of certain customary closing conditions, according to Medtronic.