Report: There’s still ‘mutual interest’ with EOFlow, Medtronic despite deal falling through

Business Korea reports that EOFlow CEO Kim Jae-jin is leaving the door open with regard to the company’s collapsed deal with Medtronic (NYSE: MDT) + .

Medtronic announced this week that it terminated its $738 million agreement to acquire EOFlow, a maker of insulin patch pumps. The medtech giant cited “multiple breaches” of terms in the agreement as the reason behind the decision.

According to the Business Korea report, Jae-jin said the company itself terminated the acquisition contract with Medtronic.

He said both sides tried to find a mutual agreement over the past few weeks, citing “fundamental differences in perspective.” The CEO said Medtronic views ongoing legal disputes over IP with patch pump leader Insulet as “uncertain.”

Get the full story at our sister site, Drug Delivery Business News.

Read more
  • 0

Medtronic nixes $738M deal for insulin patch pump maker EOFlow

[Image from the EOFlow website]Medtronic (NYSE: MDT) + filed a Form 8K with the SEC today stating that it terminated its agreement to buy EOFlow.

The medtech giant struck a $738 million deal to acquire the Seongnam, South Korea-based insulin patch pump maker in May. EOFlow develops the EOPatch — a tubeless, wearable and fully disposable insulin delivery device.

Medtronic’s SEC filing stated that, based upon “multiple breaches,” the company notified EOFlow of its decision to terminate the deal. The company said it believes no termination fee is payable under the agreement and the termination doesn’t impact its fiscal 2024 guidance.

EOFlow already launched its EOPatch insulin delivery system in Korea and Europe. The company submitted the insulin delivery device for U.S. FDA clearance in January.

Medtronic’s plans to buy EOFlow looked set to pit the company against leading patch pump mak…

Read more
  • 0

Analysts still high on Insulet despite Medtronic’s EOFlow buy, stock market reaction

The Insulet Omnipod 5 (left) and the EOFlow EOPatch (right), just acquired by Medtronic.

Despite a negative reaction from investors following a major buy in the insulin delivery space, analysts still back Insulet (Nasdaq:PODD) stock to perform.

Shares of PODD fell throughout today after Medtronic (NYSE:MDT) announced a $738 million acquisition of EOFlow. Korea-based EOFlow develops the EOPatch, a tubless, wearable and fully disposable insulin delivery device. Insulet represents a market leader in that space with its own Omnipod patch pump platform. Omnipod 5 became the first available tubeless, wearable, automated insulin delivery system after the FDA cleared it in January 2022.

By mid-afternoon, shares of PODD fell 7.3% to $272.24 apiece. Tandem Diabetes Care, another competitor in the space, saw its shares go down 5.5% to $26.62 apiece..

In spite of the negative reaction by the markets, BTIG analysts Marie Thibault and Sam Eiber expect Insulet to maint…

Read more
  • 0

Medtronic to acquire wearable insulin patch maker EOFlow for $738M

[Image from the EOFlow website]Medtronic (NYSE:MDT) announced today that it entered into a set of agreements to acquire insulin delivery technology developer EOFlow.

Seongnam, South Korea-based EOFlow develops the EOPatch, a tubless, wearable and fully disposable insulin delivery device.

EOFlow already launched its EOPatch insulin delivery system in Korea and Europe. The company submitted the insulin delivery device for U.S. FDA clearance in January. EOFlow already has FDA breakthrough device designation on a wearable, integrated artificial pancreas. The disposable device features a glucose monitoring sensor, insulin pump and automated insulin delivery algorithm.

Medtronic plans to add EOFlow’s offerings to its existing diabetes portfolio. That includes its Meal Detection Technology algorithm and next-generation continuous glucose monitor (CGM). The medtech giant just one month ago received FDA approval for its own insulin delivery technology, the Min…

Read more
  • 0

The year ahead in diabetes care: what to expect in 2023

[Image courtesy of Walmart] After a banner year for diabetes technology in 2022, there’s still plenty to look forward to in 2023.

Throughout 2022, we saw a wide range of advancements in diabetes technology. We saw launches for next-generation technologies, exciting clinical trial results, rumored spinouts and acquisitions and more.

You can read all about the biggest diabetes stories of 2022 here.

As we embark on a new year in 2023, there’s still plenty to look forward to in the diabetes space. Here are a few things worth keeping an eye on.

CMS decision could benefit CGMs

In October, The Centers for Medicare and Medicaid Services (CMS) published a new local coverage determination (LCD). That LCD modified coverage criteria for continuous glucose monitors (CGMs). The modification includes people with diabetes who receive insulin treatment or have a history of problematic hypoglycemia.

Analysts suggested at the time that the decision marked a win for …

Read more
  • 0

Diabeloop, EOFlow partner on wearable automated insulin delivery in Europe

[Image from the EOFlow website]Diabeloop and EOFlow announced that they partnered to offer the latter’s EOPatch system with automated insulin delivery in Europe.

This partnership combines the EOPatch, a third-party continuous glucose monitor (CGM) and Diabeloop’s automated insulin delivery algorithm. They all integrate into Diabeloop’s currently under-development smartphone app.

Paris-based Diabeloop said in a news release that they also plan to integrate EOPatch into its DBLG1 system. This would integrate the algorithm into a dedicated handset.

Get the full story at our sister site, Drug Delivery Business News.

Read more
  • 0

Diabeloop, EOFlow partner on wearable automated insulin delivery in Europe

[Image from the EOFlow website]Diabeloop and EOFlow announced that they partnered to offer the latter’s EOPatch system with automated insulin delivery in Europe.

This partnership combines the EOPatch, a third-party continuous glucose monitor (CGM) and Diabeloop’s automated insulin delivery algorithm. They all integrate into Diabeloop’s currently under-development smartphone app.

Paris-based Diabeloop said in a news release that they also plan to integrate EOPatch into its DBLG1 system. This would integrate the algorithm into a dedicated handset.

Get the full story at our sister site, Drug Delivery Business News.

Read more
  • 0