EOFlow Co., a South Korea-based developer of an insulin patch pump, has been acquired by the U.S. health care company Medtronic PLC.
"Medtronic today announced it has entered into a set of definitive agreements to acquire EOFlow Co.," the U.S. company said in a statement posted on its website Thursday (U.S. time).
It said it will integrate EOPatch, EOFlow's tubeless, wearable insulin delivery devise, with its own meal-detection algorithm to help patients deal with diabetes in a simpler way.
Under separate purchase deals with EOFlow CEO and founder Kim Jae-jin, known as Jesse Kim, Medtronic President Luis Malave, Medtronic will acquire all of the shares in EOFlow at a price per share of 30,000 won (US$22.6), the U.S. company said.
According to filing, Kim owns 18.58 percent, or 5.64 million, shares in EOFlow, which is listed on South Korea's tech-heavy KOSDAQ bourse.
"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," Kim was quoted as saying in the statement by Medtronic.
Source: Yonhap News Agency