Medtronic, an Irish-domiciled medical device company, agreed to acquire Companion Medical, manufacturer of InPen – an FDA-cleared smart insulin pen system paired with an integrated diabetes management app.
The acquisition value was not disclosed. Companion Medical attracted an undisclosed amount of venture capital from pharma company Eli Lilly in 2015.
The connected insulin pen system helps users manage their diabetes by tracking insulin doses and active insulin. Further, users can share their data with providers and clinicians using the app; it can also sync with continuous glucose monitors.
“Simplifying diabetes management to reduce the 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,” Sean Saint, CEO and co-founder of Companion Medical.
Medtronic is expanding its footprint in the digital health market through strategic acquisitions. So far, Medtronic has acquired five digital health companies. Last year, it acquired Klue, the developer of a gesture-tracking app that tracks everyday eating and drinking behaviors, for an undisclosed amount.
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 is preferred for insulin delivery. Also, the company will look to expand the availability of InPen globally.
“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),” said Sean Salmon, executive vice president and president of the Diabetes Group at Medtronic.
Eighty-three digital health companies were acquired in the first half (1H) of 2020, according to Mercom’s 1H 2020 Digital Health Funding and M&A Report. Early this year, Tandem Diabetes Care, a medical device company, acquired Sugarmate, a mobile app for people with diabetes who use insulin, for an undisclosed amount.
Image Credit: Companion Medical