Abbott has agreed to acquire Bigfoot Biomedical, a California-based healthcare technology company focused on diabetes care. No financial details have been announced at this time.
The two companies have a long history of working together. Bigfoot developed Bigfoot Unity, a “smart” insulin management system that use continuous glucose monitoring (CGM) to provide dosing recommendation to users. Bigfoot Unity is exclusively compatible with Abbott’s FreeStyle Libre technology.
“The acquisition of Bigfoot Biomedical will combine two leaders in different aspects of diabetes care: CGM and insulin dosing support,” Jared Watkin, senior vice president of Abbott's diabetes care business, said in a prepared statement. "Bringing our companies together will allow us to further develop connected solutions for making diabetes management even more personal and precise."
Abbott's FreeStyle Libre 3 Continuous Glucose Monitor
“Bigfoot Biomedical is the first company to design, develop and deliver a novel insulin delivery solution built around continuous glucose monitoring,” added Jeffrey Brewer, CEO of Bigfoot Biomedical. “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.”
The acquisition, which is still subject to customary closing procedures, is expected to close in the third quarter of 2023.
Back in April, Abbott acquired vascular disease specialists Cardiovascular Systems in a deal worth approximately $850 million.
Michael has more than 16 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.