- Bigfoot developed Bigfoot
Unity, a smart insulin management system that features the first
and only FDA-cleared connected insulin pen caps that turn data from
a continuous glucose monitor (CGM) into clear and reliable insulin
dosing recommendations displayed right on the insulin pen cap
- Acquisition will bring together two leaders in different
aspects of diabetes care: CGM and insulin injection support
- Together, Abbott and
Bigfoot will continue to advance
technology-driven solutions for making diabetes management even
more personal and precise
ABBOTT PARK, Ill. and MILPITAS, Calif., Sept. 5,
2023 /PRNewswire/ -- Abbott (NYSE: ABT) and Bigfoot Biomedical
today announced a definitive agreement for Abbott to acquire Bigfoot, a leader in developing smart insulin
management systems for people with diabetes.
The transaction is subject to customary closing conditions and
is expected to close in the third quarter of 2023. Financial terms
were not disclosed.
Abbott and Bigfoot have worked together on connected
diabetes solutions since 2017. Bigfoot developed Bigfoot Unity®, a
smart insulin management system that features the first and only
FDA-cleared connected insulin pen caps that use integrated
continuous glucose monitoring (iCGM) data along with healthcare
provider instructions to provide insulin dosing recommendations.
The dosing recommendations are displayed on the pen cap's digital
screen to help people know how much insulin to take.
The Bigfoot Unity system exclusively works with Abbott's world-leading FreeStyle
Libre® technology and includes a customer smartphone app
connected to a cloud-based online portal used by healthcare
providers to support their patients, including through remote care.
The system works with FreeStyle Libre 2 sensors and all major
brands of both long-acting (basal) and rapid-acting (bolus)
disposable insulin pens offered in the
United States1. It's indicated for use by people
12 years and older with diabetes who need multiple insulin
injections a day.
"The acquisition of Bigfoot Biomedical will combine two leaders
in different aspects of diabetes care: continuous glucose
monitoring and insulin dosing support," said Jared Watkin, senior vice president of
Abbott's Diabetes Care business.
"Bringing our companies together will allow us to further develop
connected solutions for making diabetes management even more
personal and precise."
"Bigfoot Biomedical is the first company to design, develop and
deliver a novel insulin delivery solution built around continuous
glucose monitoring," said Jeffrey
Brewer, chief executive officer, Bigfoot Biomedical. "We
selected Abbott as our CGM partner
because both companies share a vision to provide simple, affordable
and easy-to-use tools for people with diabetes. We look forward to
continuing to innovate together and to the scale Abbott can provide, bringing Bigfoot Unity to
as many people who may benefit."
Abbott's FreeStyle Libre
portfolio is the world leader in CGM technology, having changed the
lives of more than 5 million people across over 60
countries2 by providing breakthrough technology that is
accessible and affordable3.
Abbott is a global healthcare leader that
helps people live more fully at all stages of life. Our portfolio
of life-changing technologies spans the spectrum of healthcare,
with leading businesses and products in diagnostics, medical
devices, nutritionals and branded generic medicines. Our 115,000
colleagues serve people in more than 160 countries.
Connect with us at www.abbott.com, on LinkedIn
at www.linkedin.com/company/abbott-/, on Facebook
at www.facebook.com/Abbott and on Twitter
About Bigfoot Biomedical
headquartered in Milpitas,
provides radically simple and easy-to-use tools to significantly
reduce the cognitive, emotional, and financial burden of
insulin-requiring diabetes. Bigfoot is challenging the current approach to
diabetes innovation by focusing on simplicity over complexity so
people with diabetes can live the lives they choose. Bigfoot was founded on the idea that people
with diabetes deserve a different approach. One where innovators
are responsible for creating simple tools that fit into patients'
lives, not the other way around. That commitment to the diabetes
community remains at the core of everything Bigfoot does. Learn more at
www.bigfootbiomedical.com/ and by following us on LinkedIn,
Twitter, Instagram, and Facebook.
1. Based on available products for multiple
daily injection therapy of insulin as of May
2. Data on file. Abbott Diabetes Care.
3. Based on a comparison of list prices of the FreeStyle Libre 2
and FreeStyle Libre 3 systems versus competitors' CGM systems,
assuming annual use of one receiver (or equivalent hardware) and
quantity of transmitters and/or sensors according to use life. The
actual cost to patients may or may not be lower than other CGM
systems, depending on the amount covered by insurance, if any.
— Private Securities Litigation Reform Act of
A Caution Concerning Forward-Looking
Some statements in this news release may be forward-looking
statements for purposes of the Private Securities Litigation Reform
Act of 1995. Abbott cautions that
these forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from those indicated in the forward-looking statements, including
but not limited to the ability of the parties to consummate the
proposed transaction on a timely basis or at all; the ability of
the parties to satisfy the conditions precedent to consummation of
the proposed transaction; the effect of the announcement of the
proposed transaction on the ability of Abbott after the closing to retain key Bigfoot
Biomedical personnel and maintain relationships with Bigfoot
Biomedical's key business partners and customers, and others with
whom Bigfoot Biomedical does business, or on Bigfoot Biomedical's
operating results and business generally; the response of
competitors to the proposed transaction; risks associated with the
disruption of Bigfoot Biomedical management's attention from
ongoing business operations due to the proposed transaction;
significant costs associated with the proposed transaction;
potential litigation relating to the proposed transaction;
restrictions during the pendency of the proposed transaction that
may impact Bigfoot Biomedical's ability to conduct its business;
the ability of Abbott to
successfully integrate Bigfoot Biomedical's operations; and the
ability of Abbott to implement its
plans, forecasts and other expectations with respect to Bigfoot
Biomedical's business after the completion of the transaction and
realize expected synergies. Economic, competitive, governmental,
technological and other factors that may affect Abbott's operations are discussed in Item 1A,
"Risk Factors" in our Annual Report on Form 10-K for the year ended
Dec. 31, 2022, and are incorporated
herein by reference. Abbott is
providing the information in this news release as of this date.
Abbott undertakes no obligation to
release publicly any revisions to information included in this news
release or any forward-looking statements as a result of new
information, subsequent events or developments, except as required