Medtronic said it has terminated its previously announced agreement to acquire EOFlow, manufacturer of the EOPatch device — a tubeless, wearable and fully disposable insulin delivery device.
The company in an SEC filing cited multiple breaches under the agreements and said it doesn't believe owes a termination fee. Medtronic also assured investors that the termination does not impact its fiscal year 2024 adjusted earnings per share guidance range.
RELATED: Medtronic to Acquire Wearable Insulin Patch Maker EOFlow
"Medtronic continues to advance its automated insulin dosing product pipeline, including a differentiated patch pump," the company wrote.
In May when the deal was initially announced, Medtronic said the addition of EOFlow, together with its Meal Detection Technology algorithm and next-generation continuous glucose monitor (CGM), was expected to expand the company's ability to address the needs of more individuals with diabetes.
