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Tandem Diabetes Acquires Swiss Based Insulin Patch Pump Developer

Vandana Singh
·1 min read

  • Tandem Diabetes Care Inc (NASDAQ: TNDM) has agreed to acquire AMF Medical SA, the privately held Swiss developer of the investigational Sigi Patch Pump.

  • It is designed to be an ergonomic, rechargeable patch pump that reduces the burden of managing diabetes through its use of pre-filled insulin cartridges and its compatibility with automated insulin delivery technology.

  • The acquisition expands Tandem's type 1 and type 2 addressable market opportunities.

  • Tandem Diabetes Care will acquire AMF Medical under the following financial terms of the agreement:

  • A previous strategic investment of CHF 8.0 million was paid in Q3 of 2022.

  • A cash payment of CHF 62.4 million is due at closing.

  • Additional contingent earnout payments of up to CHF 129.6 million, in aggregate, are payable upon achieving certain milestones.

  • The transaction is expected to close in January 2023.

  • Price Action: TNDM shares are down 3.40% at $42.16 on the last check Tuesday.

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© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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