Abbott has entered a definitive agreement for the acquisition of Bigfoot Biomedical Inc. for an undisclosed price.
Bigfoot Biomedical is a medical technology start-up headquartered in Milpitas, California, founded by a team of people with personal connections to type 1 and type 2 diabetes. One of its lead products is Bigfoot Unity, a smart insulin management system. It features connected insulin pen caps that use continuous glucose monitoring data and healthcare provider instructions. The system is indicated for use by people aged 12 years and older with diabetes who need multiple insulin injections every day.
Abbott manufactures and sells healthcare products worldwide including branded generic drugs, diagnostic products and vascular products. Abbott’s 115,000 employees serve people in more than 160 countries. According to its most recent financial report, the company’s annual revenue for FY 2022 was $43.7 billion.
Together, Abbott and Bigfoot Biomedical have worked on connected diabetes solutions since 2017. As part of the acquisition, Abbott will use Bigfoot Unity with its FreeStyle Libre technology, which uses a customer smartphone app connected to a cloud-based online portal. The transaction is anticipated to close in the third quarter of 2023.
According to data captured in the LevinPro HC database, this transaction marks the 189th eHealth acquisition of 2023, and the 16th in the remote patient monitoring subsector. This is also Abbott’s second acquisition of the year. In February, the company acquired medical device company Cardiovascular Systems for approximately $890 million.
