Insulet Corporation, a provider of a digital insulin management system for people with diabetes, announced the acquisition of insulin pump patents from Bigfoot Biomedical.
Insulet paid $25 million for the acquisition, which included certain Bigfoot patents related to pumps that could be used for automated insulin delivery therapy.
According to Insulet, the acquisition further strengthens its intellectual property portfolio and provides Bigfoot with additional funds to expand its diabetes management system to more people in need of connected insulin injection support technologies.
Commenting on the acquisition news, Eric Benjamin, Insulet’s Executive Vice President of Innovation, Strategy, and Digital Products, said: “As we develop innovative products for people with insulin-requiring diabetes, we continue to invest heavily in pump and automated insulin delivery technologies.” “Bigfoot has made valuable contributions to the industry through many years of research and development in these fields and we are thrilled to acquire these assets. Insulet has substantially strengthened its IP portfolio organically over the past few years. And with this acquisition, we approximately double our already strong IP portfolio.”
“Our history of innovation in insulin delivery has helped us simplify the complexities for this population by eliminating the anxious guesswork out of daily insulin dose management,” said Jeffrey Brewer, CEO of Bigfoot Biomedical.
“We’ll remain focused on commercializing connected injection support technologies and know Insulet can benefit from our patents to bring life-changing pump innovation to people with diabetes in parallel. Expanding innovation is our goal, and this transaction will help bring powerful technologies to the people who need it most,” added Jeffrey Brewer.
According to our digital health M&A database, nearly 100 connected medical device makers, including digital insulin management system makers, have been acquired to date. Notable M&As in this space include: Tandem Diabetes Care, a provider of an insulin delivery system for diabetes patients, acquired AMF Medical, a maker of wearable insulin delivery pumps, for $215 million. CeQur, a provider of a wearable insulin-delivery device system, announced the acquisition of the wearable insulin-delivery device from Calibra Medical (marketed as OneTouch Via and operates as a subsidiary of LifeScan) for an undisclosed amount.