Medtronic Inc. (NYSE:MDT) took out a $15 million minority stake in GI Dynamics, the Lexington, Mass.-based developer of a non-surgical treatment for Type 2 diabetes and obesity.
Minneapolis-based Medtronic has been working to extend its diabetes business, announcing the launch of a new research and education center in San Antonio, Texas, in May, 2009. The growing Texas operation, supported by a $6 million investment by a state development program, is expected to employ 1,400 people by 2014.