– (RTTNews) The creator of the wearable EOPatch device, an insulin spot that is tubeless and entirely non-reusable, EOFlow Co. Ltd., Medtronic plc (MDT), a company that develops medical technology, announced on Thursday that it has signed a definitive agreement to acquire the company.
The total component to take into account for the acquisition of the shares in EOFlow would be KRW 971 billion, or $738 million, at the current exchange rate, the company claimed in a declaration. The EOPatch device is designed to provide insulin with extreme dependability and accuracy while lowering the risk of insulin blockage. It has marketing authorizations for use in Europe, South Korea, Indonesia, and the United Arab Emirates. A appropriate smart device application allows customers to monitor and control the advertisement directly from their phone.
Upon completion of the transaction, Medtronic will integrate the EOPatch device with the Meal Detection Technology algorithm now available in its MiniMed 780G system and its next-generation sensor unit.
With Jesse J. Kim, the founder and CEO of EOFlow, and Luis Malave, the president of EOFlow, Medtronic has share purchase agreements under which it will purchase all of their shares for 3000 Korean won per share.
According to the share membership agreement, the company would purchase new shares for 24,359 korean won per share to cover EOFlow’s ongoing operational, research, and development needs.
The company will also conduct a public tender process to acquire about all outstanding public shares for 30,000 Korean won each.
The deal is expected to be finalised in the second part of this year. Financial advisors to EOFlow are JP Morgan Securities LLC and Medtronic is Goldman Sachs & Co.
Shares of Medtronic are down $0.57, or 0.65%, to $86.92 in premarket trade on the New York Stock Exchange.
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