Pursuant to the terms of the merger agreement, upon completion, Bigfoot became a wholly-owned subsidiary of Abbott. The companies declined to disclose financial terms.
Abbott announced on Sept. 5 that it entered into a definitive agreement to acquire the smart insulin management company. Their longstanding relationship dates back to 2017, with the medtech giant even leading a financing round for Bigfoot in 2020.
Bigfoot develops the Bigfoot Unity smart insulin management system. The FDA-cleared platform simplifies continuous glucose monitors (CGMs) and the data they produce. The system works exclusively with Abbott’s FreeStyle Libre CGM technology.
It features a smart insulin pen cap, which takes data from a CGM and informs the patient exactly how much insulin they need. Bigfoot Unity also includes a customer smartphone app connected to a cloud-based online portal used by healthcare providers to support patients. The system works with the FreeStyle Libre 2 sensors and all major brands of disposable insulin pens offered in the U.S.
Abbott said in a news release that the transaction expands its presence in diabetes care. The company believes that it builds on the FreeStyle Libre portfolio and bolsters its efforts to develop connected solutions for diabetes. Jared Watkin, SVP of Abbott’s Diabetes Care business, said at the time of the initial announcement that the deal combines “two leaders in different aspects of diabetes care: continuous glucose monitoring and insulin dosing support.”
