Medical technology company Medtronic has agreed to acquire smart insulin pen maker Companion Medical for an undisclosed sum.
Companion Medical is the manufacturer of InPen, which is claimed to be the only US FDA-approved smart insulin pen system combined with an integrated diabetes management app.
Companion Medical CEO and co-founder Sean Saint said: “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 Companion Medical will complement Medtronic’s earlier strategic acquisitions such as Nutrino and Klue. The acquired entities will allow the company to develop advanced algorithms to leverage its deep data science and AI capabilities.
Medtronic will work to expand the availability of InPen
The acquisition of Companion Medical will also enable Medtronic to further boost the automation of insights and dosing capabilities, helping to provide efficient technology for insulin delivery.
Medtronic will also focus on the expansion of the availability of InPen across the globe.
Medtronic diabetes group president and executive vice president Sean Salmon said: “This acquisition is an ideal strategic fit for Medtronic as we further simplify diabetes management and improve outcomes by optimizing dosing decisions for the large number of people using multiple daily injection (MDI).”
Subject to the satisfaction of certain customary closing conditions, the deal is expected to be completed within one to two months.
Separately, Medtronic has announced an investment of INR12bn ($160m) to expand its existing research and development (R&D) centre in Hyderabad, Telangana, India.
The investment will be made over the next five years to turn the centre into Medtronic Engineering and Innovation Center (MEIC), which will be the company’s largest global R&D centre outside the US.
In July this year, Medtronic agreed to acquire Medicrea, a provider of advanced technologies related to spinal surgery.
Medicrea is engaged in the designing, integrated manufacturing, and supplying of over 30 FDA 510(k) cleared implant technologies.
