[데일리한국 최성수 기자]Medtronic, the No. 1 medical device company in the United States, is acquiring Eoflow, a maker of disposable wearable insulin pumps.
According to EOflow on the 26th, Medtronic signed a stock purchase agreement (SPA) with Kim Jae-jin, CEO of EOflow, and Louis Maleive, president of EOflow America, respectively.
The main point is to acquire all the Eoflow stocks they own at 30,000 won per share. Among them, the share of CEO Kim is 18.58%, which is 169.2 billion won in terms of amount.
In addition, Medtronic decided to acquire 12,927,615 new shares from Eoflow at 24,359 earned per share and put them into operations and Research and Development. It is worth 314.9 billion won.
In addition, Medtronic plans to purchase all issued shares of EOFlow at KRW 30,000 per share through a tender offer.
Through this transaction, Medtronic intends to purchase all of the issued shares of EOflow and then delist EOflow.
If all the issued shares participate in the tender offer, the total acquisition price of EOflow is expected to reach 971 billion won. The transaction is expected to be completed in the second half of this year following a review by regulatory authorities.
EOflow is a medical device company founded by CEO Kim in 2011, and its representative product is the ‘EOPatch’ wearable insulin patch type pump that can continuously deliver insulin.
EOPatch is designed to reduce the risk of insulin blockage while injecting insulin with its unique microfluidic technology. It is already sold in Korea, some European countries, and the United Arab Emirates (UAE). Users can monitor and manage patches directly through an EOPatch compatible smartphone app.
After the transaction is completed, Medtronic will proceed with the integration of EOPatch into its next-generation sensors and algorithms for meal detection technology. The meal detection technology algorithm is a system that detects the amount of food eaten and automatically adjusts the dose of insulin.
“Our goal is to facilitate diabetes management and provide the benefits of a system that automatically injects insulin in the way patients prefer,” said Dalara Q, chairman of Medtronic’s Diabetes Division. “We are excited to push further innovations for consumers who want to. expanding the reach of diabetes and making it easier to manage diabetes.”