Insulet will provide Amgen with a delivery device designed for biotechnology medicines, based on Insulet’s popular OmniPod insulin management system.
"Insulet’s current device, the OmniPod, is a unique drug delivery platform that provides the ability to vary rate at which medication is infused," Insulet president & CEO Duane DeSisto said in prepared remarks. "We are thrilled to advance our collaboration with Amgen to supply this version of our technology."
Neither company got much Wall Street love on news of the partnership. PODD shares were down 0.4% to $36.54 and AMGN shares were down 0.5% to $113.38 as of about 1:40 p.m. today.