FRIDLEY, Minn. — Minnesota medical megacorporation Medtronic is purchasing a South Korea-based insulin patch company in a $738 million deal.
The acquisition of EOFlow Co. Ltd. is expected to close in the second half of the year, according to a Medtronic news release.
EOFlow Co. Ltd. makes the EOPatch device which is described as a tubeless, wearable and fully disposable insulin delivery device.
Medtronic says the move is expected to expand the company's ability to address the needs of more people living with diabetes.
"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," Que Dallara, EVP & President, Medtronic Diabetes, said in the release. "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."
Medtronic's website says it currently employs more than 90,000 people across 150 countries, working on solutions to treat more than 70 health conditions, ranging from diabetes to Parkinson's disease.
Last month the medical device manufacturer announced it would begin to cut jobs from its full-time global workforce.
In a statement to KARE 11, the spokesperson said there is no solid number associated with the job cuts, as Medtronic will be working through employee notifications over the coming months.
"These decisions are never easy, and we're taking great care to treat all impacted employees with dignity and respect," read the released statement from the company last month. "Medtronic will follow fair, consistent processes and provide comprehensive transitional resources to impacted employees during this time."
The Minnesota Department of Employment and Economic Development said its State Rapid Response Team is working to learn more from Medtronic about the layoffs.
Medtronic is legally based in Dublin, with its corporate headquarters in Fridley. It's estimated around 11,000 people are employed in Medtronic's Minnesota locations.
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