Abbott (NYSE: ABT) is to acquire Bigfoot Biomedical, a Milpitas, CA-based company developing smart insulin management systems for people with diabetes.
The amount of the deal – which is subject to customary closing conditions and is expected to close in the third quarter of 2023 – was not disclosed.
Abbott and Bigfoot have worked together on connected diabetes solutions since 2017. Bigfoot developed Bigfoot Unity®, a smart insulin management system that features an FDA-cleared connected insulin pen caps that use integrated continuous glucose monitoring (iCGM) data along with healthcare provider instructions to provide insulin dosing recommendations. The dosing recommendations are displayed on the pen cap’s digital screen to help people know how much insulin to take.
The Bigfoot Unity system exclusively works with Abbott’s FreeStyle Libre® technology and includes a customer smartphone app connected to a cloud-based online portal used by healthcare providers to support their patients, including through remote care. The system works with FreeStyle Libre 2 sensors and all major brands of both long-acting (basal) and rapid-acting (bolus) disposable insulin pens offered in the United States. It’s indicated for use by people 12 years and older with diabetes who need multiple insulin injections a day.
Bigfoot Biomedical is led by Jeffrey Brewer, chief executive officer.
FinSMEs
06/09/2023