Swiss medical technology company Ypsomed has signed an agreement to sell its pen needle and blood glucose monitoring systems (BGMs) businesses to Medical Technology and Devices (MTD).

The sale forms part of Ypsomed’s efforts to focus on its diabetes care business, with an emphasis on the development and marketing of the mylife Loop insulin pump solution.

The solution features the mylife YpsoPump insulin pump, the mylife CamAPS FX mobile application and the DexCom G6 or FreeStyle Libre 3 Continuous Glucose Monitoring (CGM) System. It is designed for an automated insulin delivery system for managing directly from a smartphone.

Ypsomed, during the transition period, plans to continue to manufacture pen needles as a contract producer as well as provide certain services.

The production equipment is set to be relocated to MTD’s facilities by mid-2025.

The pen needle and BGM business reported sales of SFr52m ($57.4m) in the fiscal year (FY) 2022/2023 and SFr18m ($19.8m) in the first half of FY 2023/2024.

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MTD said the acquisition will strengthen its position as a player in pen needle production and boost its comprehensive diabetes care solution portfolio.

MTD CEO Charles Bouaziz said: “This acquisition will enable us to accelerate growth and enter new strategic markets, leveraging a broader product portfolio combining the click technology from Ypsomed and MTD’s thinnest and shortest 34G pen needle.

“We will integrate Ypsomed’s pen needles and BGMs’ operations into our European production and distribution sites, contributing to scale efficiencies and benefiting from our category expertise to support millions of people, caregivers, and healthcare professionals worldwide.”

The transaction’s completion and the business transfer are scheduled for mid-2024, subject to standard and regulatory approvals.

Over the next four years, Ypsomed plans to invest more than SFr100m to expand autoinjector production capacities at its Solothurn site.

The expansion at the Solothurn site includes doubling the capacity for injection moulding tool shop facilities.