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June 3, 2022
2 Min Read
Just ahead of the American Diabetes Association's 82nd Scientific Sessions, Abbott nabbed FDA clearance for its FreeStyle Libre 3 system for people four years and older living with diabetes. FDA clearance comes nearly two years after the Libre 3 system received a CE mark for use in Europe. Libre 3 is currently considered the smallest and most accurate continuous glucose monitoring (CGM) sensor on the market.
Medtronic has snagged FDA approval for a device built on equivalent technology to the In.Pact Admiral drug-coated balloon (DCB). The device is indicated for the percutaneous transluminal angioplasty of de novo, restenotic, or in-stent restenotic lesions with lengths up to 360 mm with vessel diameters of 4-7 mm. The approval brings to mind the 2019 controversy over paclitaxel balloons and stents, the data discrepencies around which befuddled an FDA committee that year.
And in case you missed our last Medtech in a Minute report...
Kidney patients may soon benefit from a new, independent kidney-focused medical device company that will be co-owned by Medtronic and DaVita, each with equal equity stakes, and led by an independent management team. Medtronic will contribute its renal care solutions business, including the current product portfolio (renal access, acute therapies, and chronic therapies), product pipeline, and global manufacturing R&D teams and facilities. Both companies will provide an initial investment to fund the new company and future operating capital.
We already expected 2022 to be a transformative year for diabetes tech with a number of key approvals pending and some smaller merger and acquisition (M&A) activity already underway. Now, a rumored deal reported by Bloomberg News suggests that Dexcom may be in M&A talks with Insulet. The rumor comes as Insulet CEO Shacey Petrovic is stepping down, and Dexcom is anticipating FDA approval for its G7 integrated continuous glucose monitoring (iCGM) sensor. Following the Bloomberg report, some medtech analysts offered early thoughts on what a Dexcom-Insulet merger might look like. Dexcom has since denied any M&A talks with Insulet.
Baxter expects the Hillrom deal to contribute up to $350 million of annual pre-tax cost synergies by 2025. The firm said it expects constant currency sales growth of 4% to 5% on a compounded annual basis from 2022 through 2025. Baxter's $12.4 billion acquisition of Hillrom, which closed in December, was one of the largest medtech M&As of 2021.
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