August 11, 2020 – Medtronic plc (Dublin, Ireland) announced the planned acquisition of privately-held Companion Medical, manufacturer of InPen — the only U.S. FDA-cleared smart insulin pen system paired with an integrated diabetes management app.
According to Medtronic, the addition of Companion Medical’s InPen to the company’s portfolio expands Medtronic’s ability to “serve people where they are in their diabetes journey and offer them a unique and expansive ecosystem of support, regardless of how insulin is delivered.”
The acquisition of Companion Medical builds upon prior Medtronic strategic acquisitions, including Nutrino and Klue, that form the building blocks to design powerful algorithms leveraging the company’s deep data science and AI capabilities. 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. In addition, Medtronic will look to expand the availability of InPen globally.
The acquisition is expected to close within one to two months – subject to 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. Additional terms of the transaction were not disclosed.