Abbott and Bigfoot Biomedical announced a definitive agreement for Abbott to acquire Bigfoot, a leader in developing smart insulin management systems for people with diabetes.
The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2023. Financial terms were not disclosed.
Abbott and Bigfoot have worked together on connected diabetes solutions since 2017. Bigfoot developed Bigfoot Unity, a smart insulin management system that features the first and only FDA-cleared connected insulin pen caps that use integrated continuous glucose monitoring (iCGM) data along with healthcare provider instructions to provide insulin dosing recommendations. The dosing recommendations are displayed on the pen cap’s digital screen to help people know how much insulin to take.
The Bigfoot Unity system exclusively works with Abbott’s world-leading FreeStyle Libre technology and includes a customer smartphone app connected to a cloud-based online portal used by healthcare providers to support their patients, including through remote care. The system works with FreeStyle Libre 2 sensors and all major brands of both long-acting (basal) and rapid-acting (bolus) disposable insulin pens offered in the United States. It’s indicated for use by people 12 years and older with diabetes who need multiple insulin injections a day.
“The acquisition of Bigfoot Biomedical will combine two leaders in different aspects of diabetes care: continuous glucose monitoring and insulin dosing support,” said Jared Watkin, senior vice president of Abbott’s Diabetes Care business. “Bringing our companies together will allow us to further develop connected solutions for making diabetes management even more personal and precise.”
“Bigfoot Biomedical is the first company to design, develop and deliver a novel insulin delivery solution built around continuous glucose monitoring,” said Jeffrey Brewer, chief executive officer, 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.”
Abbott’s FreeStyle Libre portfolio is the world leader in CGM technology, having changed the lives of more than 5 million people across over 60 countries by providing breakthrough technology that is accessible and affordable.
SOURCE: prnewswire