Medtronic plc announced on May 25 that it has entered into a set of definitive agreements to acquire EOFlow Co. Ltd. According to data captured in the LevinPro HC database, this represents the 46th Medical Devices transaction of the year.
To the extent that all the public shares participate in the tender offer, the total consideration for the acquisition of the shares in EOFlow would be KRW 971 billion, or $738 million USD.
EOFlow is a South Korean medical device company founded in 2011 and is headquartered in Seongnam, South Korea, with additional offices in San Jose, California.
EOFlow’s flagship product is the EOPatch® device, a wearable insulin patch pump that provides continuous insulin delivery for people with diabetes. The EOPatch® device is discreet and easy to use with a slim profile and a fully disposable patch that can be worn on various parts of the body.
Medtronic manufactures and sells device-based medical therapies worldwide, including spinal, cardiovascular and minimally invasive devices.
The addition of EOFlow, together with Medtronic’s Meal Detection Technology™ algorithm and next-generation continuous glucose monitor, is expected to expand the company’s ability to address the needs of more individuals with diabetes.
Medtronic’s financial advisor for the transaction is JP Morgan Securities LLC, with Kim & Chang and Ropes & Gray LLP acting as legal advisors. EOFlow’s financial advisor is Goldman Sachs & Co., with Bae, Kim & Lee LLC acting as legal advisor. The acquisition is expected to close in the second half of calendar year 2023.
