Healthcare giant Abbott (NYSE: ABT) has announced an agreement to purchase Bigfoot Biomedical, a company specializing in insulin management systems. The transaction is expected to be completed this month, subject to the fulfillment of customary conditions. Financial details of the acquisition were not disclosed.
History of Collaboration and Continued Partnership
Abbott and Bigfoot Biomedical first established a partnership in 2017, with Bigfoot currently working exclusively with Abbott’s continuous glucose monitor (CGM) system, FreeStyle Libre. This acquisition signifies a deepening of the relationship between the two companies and indicates Abbott’s commitment to advancing diabetes care technology.
Implications for Diabetes Care Technology
The acquisition of Bigfoot Biomedical is a strategic move for Abbott, as it looks to bolster its portfolio in the diabetes management space. By integrating Bigfoot’s insulin management systems with Abbott’s existing diabetes care products, the company aims to offer more comprehensive solutions for individuals living with diabetes.-Fineline Info & Tech
