Medical technology company Medtronic has agreed to acquire insulin pen manufacturer Companion Medical for an undisclosed sum.

Companion Medical’s InPen is an insulin pen system cleared by the US Food and Drug Administration (FDA). It consists of a Bluetooth pen and mobile app that helps users administer the right dose insulin.

The latest acquisition is part of Medtronic’s strategy to advance the automation of insights and dosing capabilities for insulin delivery.

As part of the acquisition, Medtronic plans to expand the global availability of InPen.

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 optimising dosing decisions for a large number of people using multiple daily injections (MDI).

“We look forward to building upon the success of the InPen by combining it with our intelligent algorithms to deliver proactive dosing advice personalised to each individual. This smart CGM system can help people think less about diabetes and be able to live life with more freedom on their own terms.”

Medtronic noted that the transaction will be neutral to its adjusted earnings per share in the current fiscal year and accretive thereafter.

Subject to customary closing conditions, the acquisition is expected to close within the next two months.

Companion Medical CEO and co-founder Sean Saint said: “Simplifying diabetes management to reduce the burden and improve outcomes has always been our goal, and through a respected global leader like Medtronic, we will 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 move follows the company’s previous strategic acquisitions of Nutrino and Klue.

Last month, Medtronic signed a deal to acquire Medicrea, a French manufacturer of patient-specific, 3D-printed titanium implants.

Separately, Medtronic has decided to invest Rs12bn ($160.4m) to expand its current research and development (R&D) centre in Hyderabad, India.

Once completed, it will be the company’s largest global R&D centre outside of the US, accommodating more than 1,000 engineers.

This investment is planned for over five years and expected to position Hyderabad as the Medical Devices hub in India.