The transaction remains subject to customary closing conditions and the companies declined to disclose financial terms. They expect it to close in the third quarter of 2023.
Abbott has a longstanding relationship with Bigfoot going back to 2017. The medtech giant even led a financing round for the company back in 2020.
Bigfoot develops the Bigfoot Unity smart insulin management system. The FDA-cleared Bigfoot Unity platform aims to simplify continuous glucose monitors (CGMs) and the data they produce. It features a smart insulin pen cap, which takes data from a CGM and informs the patient exactly how much insulin they need.
BTIG analysts Marie Thibault and Sam Eiber maintained their “Buy” rating for Abbott, saying they weren’t surprised by the deal.
They view the strategic tuck-in “favorably,” as it could accelerate Bigfoot Unity’s adoption for multiple daily injection (MDI) diabetes patients. Recent contract wins for Bigfoot further bolster the deal, along with positive data presented at the American Diabetes Association conference.