M&A
Abbott shares plans to acquire Bigfoot Biomedical
Abbott and Bigfoot Biomedical have announced a definitive agreement for Abbott to acquire Bigfoot, however this transaction is still subject to customary closing conditions and is not expected to close until the third quarter of 2023.
The deal is intended to further the companies’ goals to develop personalised, connected solutions for the treatment of patients with diabetes, utilising Bigfoot’s smart insulin management system, Bigfoot Unity, which features the first and only FDA-approved insulin pen caps using integrated continuous glucose monitoring (iCGM) data along with healthcare provider instruction in order to provide recommendations for insulin dosing. This technology works solely with Abbott’s FreeStyle Libre technology, which includes an app and online portal used by patients and healthcare providers to provide remote care.
The two companies have worked collaboratively on connected diabetes solutions since 2017.
Jeffrey Brewer, chief executive officer of Bigfoot Biomedical, added: “Bigfoot Biomedical is the first company to design, develop and deliver a novel insulin delivery solution built around CGM. We selected Abbott as our CGM partner becausebothcompaniesshareavision 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 who may benefit.”
Jared Watkin, senior vice president of Abbott’s Diabetes Care business, commented: “The acquisition of Bigfoot Biomedical will combine two leaders in different aspects of diabetes care: continuous glucose monitoring and insulin dosing support. Bringing our companies together will allow us to further develop connected solutions for making diabetes management even more personal and precise.” Financial details of the agreement are yet to be announced.