Daily Newsletter

06 September 2023

Daily Newsletter

06 September 2023

Abbott signs definitive agreement to acquire Bigfoot Biomedical

The transaction is anticipated to close in the third quarter of this year.

September 06 2023

Abbott has entered a definitive agreement for the acquisition of Bigfoot Biomedical, which develops smart insulin management systems for individuals with diabetes.

Together, the companies have worked on connected diabetes solutions since 2017.

Developed by Bigfoot Biomedical, Bigfoot Unity is a smart insulin management system. It features connected insulin pen caps that use integrated continuous glucose monitoring (iCGM) data and healthcare provider instructions.

This data, together with instructions, provides recommendations on insulin dosing for patients.

These recommendations can be seen on the FDA-cleared pen caps’ digital screen.

The system is indicated for use by people aged 12 years and older with diabetes who need multiple insulin injections every day.

As part of the acquisition, Abbott will use Bigfoot Unity with its FreeStyle Libre technology, which uses a customer smartphone app connected to a cloud-based online portal.

This integration enables healthcare providers to support their patients, including through remote care.

In addition, Bigfoot Unity works with FreeStyle Libre 2 sensors and all major long-acting (basal) and rapid-acting (bolus) disposable insulin pen brands offered in the US.

Bigfoot Biomedical CEO Jeffrey Brewer said: “Bigfoot Biomedical is the first company to design, develop and deliver a novel insulin delivery solution built around continuous glucose monitoring.

“We selected Abbott as our CGM partner because both companies share a vision to provide simple, affordable and easy-to-use tools for people with diabetes.

“We look forward to continuing to innovate together and to the scale Abbott can provide, bringing Bigfoot Unity to as many people as may benefit.”

The transaction is anticipated to close in the third quarter of this year.

The companies have not disclosed the financial terms of the transaction.

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