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Roche and Elron Electronics Ltd have announced that they have signed an agreement under which Roche will acquire 100% of Medingo Ltd, a majority-owned subsidiary of the Elron group.
Medingo Ltd is engaged in the development of a semi-disposable insulin patch pump. Under the terms of the agreement, Roche will pay Medingo Ltd’s shareholders an upfront payment of US160 million as well as up to 25% of the upfront payment in performance related milestones.
Daniel O’Day, Chief Operating Officer Roche Diagnostics, said: “Diabetes has become a real epidemic that affects more than 285 million people worldwide. Roche Diabetes Care, a global leader in blood glucose monitoring and insulin delivery systems, is committed to improving the quality of life for people with diabetes. With this acquisition we will broaden our portfolio of innovative insulin delivery technologies and strengthen our position as a leading player in the diabetes care business”.
The new Medingo Ltd micro pump insulin delivery system consists of two parts: a semi-disposable insulin dispensing patch and a remote control, which allows for discreet personalised insulin delivery. It provides the functions of a conventional insulin pump alongside with all advantages of the innovative tubeless patch pump technology. Features like the ability to administer an insulin bolus directly from the patch pump without a remote control, as well as the option to temporarily disconnect the pump from – and later
reconnect it to – the patch securing it to the skin, offer enhanced convenience to insulin pump users.
The Medingo Ltd patch pump is not yet marketed. In a next step, production capacities will be scaled-up to prepare for global launch which is expected by 2012.
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