Becton Dickinson & Co. is still on track to launch its Embecta spinoff on April 1. The Franklin Lakes, NJ-based company gave an update on its plans for diabetes spinoff and further reiterated launch plans it announced in February.

BD has set a record date of March 22 for the distribution of shares of Embecta common stock. Accordingly, upon completion of the spin-off, each BD shareholder will receive one share of common stock for every five shares of BD common stock held as of the close of business on March 22. Embecta will trade under the "EMBCV" on the Nasdaq Global Select Market.

BD first announced it was spinning off the diabetes Unit in May of 2021.

If all goes well and the launch date is reached, Embecta would be the second highly publicized spinoff to occur in medtech in 2022. The first was mega-popular spinoff was ZimVie, Zimmer Biomet’s dental and spine business. The company became public and independent on March 1, trading under ZIMV.

Embecta is poised to be a major player in the diabetes management space with a rich history and legacy that dates to 1924 when BD introduced the world’s first specialized syringe. The spin-off’s launch also comes at a time when the diabetes tech market is teeming with activity.

In the first three months of 2022, the diabetes tech space has already seen Senseonics winning FDA approval for a 180 version of the Eversense Continuous Glucose Monitoring System, and Dexcom winning CE mark for the G7 CGM.

Glooko said just a few days ago that it acquired Diabnext, a company whose digital health platform helps people with diabetes better manage their conditions and connects to their healthcare providers.

Embecta is coming at a time when all eyes and attention are on the diabetes tech market.