pharmaphorum December 7, 2023
Medtech giant Medtronic has decided not to go ahead with a planned acquisition of EOFlow, a developer of patch-based insulin pumps, saying that there have been “multiple breaches” of their takeover agreement.
The deal was first announced in May and had been due to be completed by the end of the year, with Medtronic offering $738 million for the business, saying it would combine EOFlow’s tubeless, wearable, and fully disposable EOPatch with its continuous glucose monitor (CGM) devices and artificial intelligence algorithms to create a “seamless” system to help patients manage their illness.
Now, it said in a regulatory filing that it has “exercised its right to terminate the agreements” with the South Korean company and does not believe any...
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