Abbott to Acquire Insulin Management Company Bigfoot Biomedical

The financial transaction remains subject to customary closing conditions and the companies declined to disclose financial terms. The acquisition deal is reportedly expected to close in the third quarter of 2023.

Abbott (NYSE:ABT) is going to acquire California-based Bigfoot Biomedical, a smart insulin management company. The financial conditions have not been disclosed by the company, however, the deal is expected to close in the third quarter of 2023.

Moreover, in 2020, the medtech giant Abbott led a financial rounding for the biomedical company showcasing their long-standing partnership that dates back to 2017.

Bigfoot is renowned for its development of the Bigfoot Unity smart insulin management system which has received the FDA-clearance. Additionally, the Bigfoot Unity platform is designed to streamline continuous glucose monitors (CGMs) and the generated data. Its features include a smart insulin pen cap, which utilises the data from a CGM and informs the patient on how much insulin they need.

Crucially, the Bigfoot Unity system is exclusively compatible with Abbott's FreeStyle Libre technology. It encompasses a user-friendly smartphone app connected to a cloud-based online portal utilised by healthcare providers to offer patient support. Additionally, the system is compatible with FreeStyle Libre 2 sensors and all major brands of disposable insulin pens available in the United States.

'Bringing our companies together will allow us to further develop connected solutions for making diabetes management even more personal and precise,' he added.

Earlier, Bigfoot bought an insulin titration algorithm, developed at McGill University. Additionally, the company sold off insulin pump patents to Insulet to focus on Bigfoot Unity.