The medtech giant struck a $738 million deal to acquire the Seongnam, South Korea-based insulin patch pump maker in May. EOFlow develops the EOPatch — a tubeless, wearable and fully disposable insulin delivery device.
Medtronic’s SEC filing stated that, based upon “multiple breaches,” the company notified EOFlow of its decision to terminate the deal. The company said it believes no termination fee is payable under the agreement and the termination doesn’t impact its fiscal 2024 guidance.
EOFlow already launched its EOPatch insulin delivery system in Korea and Europe. The company submitted the insulin delivery device for U.S. FDA clearance in January.
Medtronic’s plans to buy EOFlow looked set to pit the company against leading patch pump maker Insulet. Tandem Diabetes Care also has a new patch pump that won FDA clearance earlier this year.