Abbott (NYSE: ABT) and Bigfoot Biomedical have announced a definitive agreement in which Abbott will acquire Bigfoot, a prominent developer of intelligent insulin management systems designed for individuals with diabetes.

This transaction is contingent upon meeting standard closing conditions and is anticipated to be finalized during the third quarter of 2023. Specific financial details of the deal have not been disclosed.

Abbott and Bigfoot have been collaborating on connected diabetes solutions since 2017. Bigfoot introduced the Bigfoot Unity® system, a smart insulin management solution that includes the first and only FDA-cleared connected insulin pen caps. These pen caps utilize integrated continuous glucose monitoring (iCGM) data in conjunction with healthcare provider guidance to offer insulin dosing recommendations. These dosing suggestions are displayed on the digital screen of the pen cap, assisting individuals in determining their insulin dosage.

The Bigfoot Unity system is exclusively compatible with Abbott's industry-leading FreeStyle Libre® technology. It incorporates a mobile app for customers connected to a cloud-based online platform that healthcare providers use to support their patients, including remote care. The system is compatible with FreeStyle Libre 2 sensors and all major brands of disposable insulin pens, both long-acting (basal) and rapid-acting (bolus), available in the United States. It is indicated for individuals aged 12 and above who require multiple daily insulin injections for managing diabetes.

Jared Watkin, senior vice president of Abbott's Diabetes Care business, remarked, "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."

Jeffrey Brewer, CEO of Bigfoot Biomedical, stated, "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 who may benefit."

Abbott's FreeStyle Libre product line is the global leader in continuous glucose monitoring technology, positively impacting the lives of over 5 million individuals in more than 60 countries. This technology has provided accessible and affordable breakthrough solutions for diabetes management.

 

Source: prnewswire.com

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