Medtronic plc (NYSE: MDT), a Dublin, Ireland-based leader in healthcare technology, entered into a set of definitive agreements to acquire EOFlow Co. Ltd. (KOSDAQ: 294090), Seongnam, South Korea based manufacturer of the EOPatch® device — a tubeless, wearable and fully disposable insulin delivery device.
The total consideration for the acquisition of the shares in EOFlow would be KRW 971 billion, or $738 million, at current exchange rates. The deal is expected to close in the second half of calendar year 2023 subject to the satisfaction of the minimum tender condition and certain customary closing conditions, including receipt of required regulatory clearances.
The addition of EOFlow, together with Medtronic’s Meal Detection Technology™ algorithm and next-generation continuous glucose monitor (CGM), is expected to expand the company’s ability to address the needs of more individuals with diabetes, no matter where they are in their treatment journey or preference for how they want their insulin delivered.
The EOPatch® device, which features a proprietary microfluidic technology designed to deliver insulin with high accuracy and reliability while minimizing the risk of insulin occlusion, is authorized for marketing in Europe, South Korea, Indonesia, and the United Arab Emirates with a compatible smartphone application that allows users to monitor and control the patch directly from their phone. Upon closing of the transaction, Medtronic will work quickly to integrate the EOPatch® device with its next-generation sensor and clinically proven Meal Detection Technology™ algorithm currently offered in its MiniMed™ 780G system. With the development and regulatory authorization of the next-generation EOPatch® device, Medtronic customers will have access to a broad range of solutions across smart multiple daily injections (MDI), tethered insulin pumps, and wearable insulin patch technologies leveraging clinically advanced and proven algorithms and seamlessly integrated to a single CGM platform.
Led by Jesse J. Kim, CEO and founder, EOFlow Co., Ltd. is a medical device company whose flagship product, the EOPatch® device, is a wearable insulin patch pump that provides continuous insulin delivery for people with diabetes. The EOPatch® device is designed to be discreet and easy to use, with a slim profile and a fully disposable patch that can be worn on various parts of the body.