MiniMed has completed its separation from Medtronic, beginning operations as a fully independent publicly traded company focused on diabetes technology and insulin delivery.
The company is trading on Nasdaq under the ticker symbol MMED. The separation ends Medtronic’s equity ownership in MiniMed and gives the company independent control over its strategy, capital allocation, product development, and operations.
As part of the separation process, Medtronic accepted 55,032,401 Medtronic ordinary shares in exchange for 252,813,348 shares of MiniMed common stock. Following completion of the exchange offer, Medtronic no longer owns an equity stake in MiniMed.
The exchange offer was 5.4 times subscribed, reflecting demand from Medtronic shareholders seeking to exchange their shares for MiniMed stock. Newly issued MiniMed shares will be credited in book-entry form to accounts maintained by the company’s transfer agent for participating shareholders whose Medtronic shares were accepted.
MiniMed enters its next phase as a standalone diabetes technology company with a portfolio spanning insulin delivery systems, continuous glucose monitors, algorithms, and mobile applications.
The company’s integrated ecosystem is designed to connect its insulin delivery and glucose monitoring technologies with software and support services. MiniMed currently serves people with diabetes across 80 countries and has operated in the diabetes care market for more than 40 years.
As an independent company, MiniMed plans to focus its resources on advancing diabetes therapies, simplifying treatment management, and developing technologies intended to reduce the daily burden associated with diabetes care.
KEY QUOTES:
“Today marks the completion of our separation from Medtronic and a significant milestone for MiniMed. We are grateful to Medtronic for its partnership and support in reaching this point. As an independent company, we have the freedom to make the decisions we believe are right for our business and the people we serve, and the responsibility to see those decisions through. Our focus now is to put that independence to work and continue advancing what is possible in diabetes care.”
Que Dallara, Chief Executive Officer Of MiniMed
