Medtronic has agreed to acquire EOFlow, a South Korean healthcare technology company with additional offices in the United States, for $738 million. The acquisition is expected to close in the second half of 2023.
EOFlow, first founded in 2011, is known primarily as the manufacturer of the EOPatch, a wearable insulin delivery device that is waterproof, tubeless and fully disposable. The EOPatch is used in tandem with a smartphone app that gives direct control to the person wearing the device. It can provide insulin throughout the day or over a short period of time.
The EOPatch has been approved in Europe, South Korea, Indonesia and the United Arab Emirates. Medtronic plans to immediately start working toward gaining additional approvals.
“We're thrilled to accelerate our next phase of growth with a partner like Medtronic who shares our goal of simplifying diabetes management to make life easier for the customers we serve,” Jesse J. Kim, CEO and founder of EOFlow, said in a prepared statement. “Together, we'll work to advance innovation in wearable insulin patch technology to expand our reach to more individuals around the world living with diabetes. With a global footprint in over 100 countries, ability to scale up manufacturing quickly, and advanced software and sensor capabilities, Medtronic is the ideal strategic partner for EOFlow.”
“Our goal is to simplify diabetes management and deliver the well-established benefits of automated insulin delivery to our customers in the ways they want and need,” added Que Dallara, executive vice president and president of the diabetes division of Medtronic. “We're excited to introduce a differentiated wearable patch option to provide more patient choice and drive further innovation for those who want to use technology to make living with diabetes easier. We look forward to expanding our offerings to participate in the patch pump market and enabling those customers access to our seamless ecosystem of support.”
Additional information about the EOPatch device is available on the EOFlow website.