ConvaTec (LON:CTEC) said today that it’s expanding its Unomedical infusion set business to keep pace with the diabetes segment at Medtronic (NYSE:MDT).
The British wound care and colostomy supplies maker said the expansion of Unomedical’s production capacity is part of a decades-long partnership with Fridley, Minn.-based Medtronic. Unomedical makes disposable infusion sets for a range of Medtronic MiniMed insulin pumps, including the QuickSet, Silhouette, Sure-T and Mio sets.
“We are excited to expand our long-standing partnership with Medtronic, sharing advanced technologies and complementary competencies to ensure that we can meet the needs of the increasing number of people with diabetes who are depending on insulin pump therapy,” infusion devices president John Lindskog said in prepared remarks. “Together, we have a great foundation for offering the best solutions for people with diabetes, giving them more control and freedom in their lives.”
“We have a trusted partner in Unomedical with significant manufacturing know-how and a long track record of delivering reliable, high quality consumable components as we continue to expand our insulin pump business around the world,” added Medtronic vice president Bogdan Madzar. “Together, we are advancing innovations that expand the options for people using insulin pumps as we seek to both improve outcomes and satisfy lifestyle needs so that people with diabetes can enjoy greater freedom and better health.”
ConvaTec’s private equity owners yesterday drummed up $1.21 billion by selling off a 19% stake in the British medical device maker.
PE shops Nordic Capital and Avista sold 375 million shares at £2.60 apiece in the over-subscribed offering, after raising the float from 300 million shares, according to bookrunner UBS.
Other investors sold another 389 million shares, or about 20% of ConvaTec, to Novo Nordisk (NYSE:NVO) for about $1.25 billion (£1.01 billion). Novo CEO Kasim Kutay is slated to join the Reading, U.K.-based company’s board, the Danish diabetes giant said.
