Medtronic has agreed to acquire South Korean insulin delivery tech company EOFlow. The acquisition, worth $738m, is expected to close in the second half of 2023.
EOFlow’s lead product is the EOPatch – a tubeless, wearable, and disposable insulin delivery device. Paired with Medtronic’s Meal Detection Technology algorithm and continuous glucose monitor device, the diabetes management device giant says the deal will expand its reach to more patients who have insulin delivery preferences.
EOPatch is approved in Europe, South Korea, Indonesia, and UAE. The wearable features microfluidic technology and comes with a mobile application to digitally control and monitor the patch. In a statement, Medtronic said it will integrate its technology into the device, so it is compatible with a wider product range.
In a market model, GlobalData predicts the insulin pump market to be worth $14.1bn by 2033.
“Together, we’ll work to advance innovation in wearable insulin patch technology to expand our reach to more individuals around the world living with diabetes,” said EOFlow CEO and founder Jesse Kim.
“We’re excited to introduce a differentiated wearable patch option to provide more patient choice and drive further innovation for those who want to use technology to make living with diabetes easier,” said Medtronic’s EVP and president Que Dallara.
Despite the buyout, Medtronic shares were down 2.5% at market open today on May 25.