Take the Diabetes Health Pump Survey
See What's Inside
Read this FREE issue now
For healthcare professionals only
  • 12 Tips for Traveling With Diabetes
See the entire table of contents here!

You can view the current or previous issues of Diabetes Health online, in their entirety, anytime you want.
Click Here To View

See if you qualify for our free healthcare professional magazines. Click here to start your application for Pre-Diabetes Health, Diabetes Health Pharmacist and Diabetes Health Professional.

Learn More About the Professional Subscription

Free Diabetes Health e-Newsletter
Latest
Popular
Top Rated
Diabetes Health Reference Charts
Insulin Pumps Archives
Print | Email | Share | Comments (0)

$3.7 Billion... Going Once... Going Twice... Sold!


Jul 1, 2001

Medtronic Acquires Minimed

On May 30, medical-devices maker Medtronic Inc. of Minneapolis agreed to buy insulin-pump maker MiniMed Inc. and Medical Research Group Inc.—a firm partly owned by MiniMed—for $3.7 billion.

Medtronic will pay $48 cash per share for the Northridge, California-based MiniMed, for a total of about $3.28 billion. The remaining $420 million will go toward the purchase of Medical Research Group, which designs and develops implantable pumps and sensors (i.e., an "artificial pancreas").

"MiniMed's market leadership in diabetes management offers immediate opportunities for reaching an expanding market that includes more than 16 million people in the United States,'' said Art Collins, chief executive of Medtronic.

Terrance Gregg, president and chief operating officer of MiniMed told Diabetes Health, "We do not expect our name, or the quality of service we provide to our customers, to change. Rather, we expect our relationship with Medtronic to help us advance our technologies at a faster rate and enable us to provide superior service and responsive clinical support to patients living with diabetes."

Gregg adds that Medtronic will provide MiniMed with the financial muscle necessary to grow even further.

"[This will enable] us to enrich the lives of patients living with diabetes each and every day," says Gregg.

Medtronic expects to complete the acquisitions within four months. Medtronic shares rose 22 cents to $43.17 in May 30 trading on the New York Stock Exchange. MiniMed shares rose $2.97, or 6.8 percent, to $46.97, in trading on the Nasdaq Stock Market.


Categories: Artificial Pancreas, CGMs, Diabetes, Diabetes, Insulin, Insulin Pumps, Monitoring, Products



You May Also Be Interested In...


Click Here To View Or Post Comments

Comments 0 comments - Jul 1, 2001

©1991-2014 Diabetes Health | Home | Privacy | Press | Advertising | Help | Contact Us | Donate | Sitemap

Diabetes Health Medical Disclaimer

The information on this site is not intended or implied to be a substitute for professional medical advice, diagnosis or treatment. All content, including text, graphics, images, and information, contained on or available through this website is for general information purposes only. Opinions expressed here are the opinions of writers, contributors, and commentators, and are not necessarily those of Diabetes Health. Never disregard professional medical advice or delay seeking medical treatment because of something you have read on or accessed through this website.