Medtronic has announced the planned acquisition of Companion Medical, manufacturer of InPen — an FDA-cleared smart insulin pen system paired with an integrated diabetes management app.
Sean Salmon, executive vice president and president of the diabetes group at Medtronic, said: “This acquisition is an ideal strategic fit for Medtronic as we further simplify diabetes management and improve outcomes by optimising dosing decisions for the large number of people using multiple daily injection (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. 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.”
With this latest acquisition, Medtronic will work to further advance the automation of insights and dosing capabilities to help alleviate burden regardless of the technology that’s preferred for insulin delivery. Medtronic will also look to expand the availability of InPen globally.
Sean Saint, CEO and co-founder of Companion Medical, said: “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. Simplifying diabetes management to reduce 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 - subject to the satisfaction of certain customary closing conditions. The transaction is expected to be neutral to Medtronic’s adjusted earnings per share in the current fiscal year, and accretive thereafter. In addition, it is expected to meet Medtronic’s long-term financial metrics for acquisitions. Additional terms of the transaction were not disclosed.