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The San Diego, CA-based company is poised to acquire AMF Medical, the developer of the Sigi Patch Pump.
Omar Ford
December 13, 2022
1 Min Read
Image courtesy of Sipa USA / Alamy Stock Photo
2022 might almost be over, but that isn’t stopping Tandem Diabetes Care from getting involved in M&A. It also adds one more development in a busy year for diabetes tech.
The San Diego, CA-based company said it was acquiring AMF, the developer of the Sigi Patch Pump.
“This acquisition supports our commitment to drive growth through innovation, as AMF Medical has novel technology and a shared passion for creating easy-to-use solutions to improve the lives of people with diabetes,” said John Sheridan, Tandem Diabetes Care president and chief executive officer. “Our portfolio approach to diabetes care is designed to bring the benefits of advanced insulin pump therapy to more people worldwide, utilize our expertise in automated insulin delivery technology and data management, and leverage our commercial infrastructure to create shareholder value.”
The deal is set to close in January and includes the following details:
A previous strategic investment of $8.6 million paid in 3Q22
A cash payment of $67 million due at closing
Additional contingent earnout payments of up to $140 million, in aggregate, payable upon the achievement of certain milestones, including:
Up to $41.4 million upon the successful completion of key development milestones over the next two years
Up to $99 million upon obtaining regulatory clearance of an automated controller enabled (ACE) pump by FDA.
Tandem kicked off 2022 by winning FDA clearance of bolus insulin dosing on the t:slim X2 insulin pump using the t:connect mobile app. The company touted the nod represented the first-ever FDA-cleared smartphone application capable of initiating insulin delivery on both iOS and Android operating systems.
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