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Roche acquires Medingo

Roche has acquired Medingo, a subsidiary of Elron Electronic Industries, who are currently developing an innovative insulin delivery system

Roche has announced its acquisition of Medingo, a subsidiary of Israel-based Elron Electronic Industries, who are currently in the development process of an innovative insulin delivery system.

Medingo's shareholders will receive an upfront payment of $160m, with up to $40m also available, subject to the company achieving certain operational milestones over a period of around five years.

Roche will take full control of the company, which aims to launch its new remote-controlled semi-disposable insulin patch pump, an insulin containing device which attaches to the skin and delivers the drug over a period of time, in 2012.

This new system offers increased convenience for insulin pump users, combining tube-free patch pump technology with a conventional insulin pump. The remote control and the lack of tubing also allow a more discreet delivery of the drug. Other advantages including the ability to temporarily disconnect and reconnect the pump from the patch and to administer insulin directly from the patch pump if the remote control is not at hand.

Roche said the acquisition will 'strengthen' the company's position in the insulin delivery market, with expectations for growth in the patch pump segment high and the entire insulin delivery system global market estimated at CHF1.6bn.

"The integration of Medingo is a perfect fit to our existing diabetes management product portfolio," said Burkhard G Piper, head of Roche Diabetes Care, Roche's specialised diabetes unit. "Offering an innovative micro patch pump will bring our competence in the area of integrated insulin delivery systems to a broader range of people with diabetes on insulin therapy, providing a greater choice to meet the different individual needs."

David Vidan, general manager of Medingo, was similarly enthusiastic about the deal: "The integration into the Roche Diabetes Care business unit offers the opportunity to broadly market our innovative patch pump system with a leading global company, which brings its knowledge and strong market expertise into play."

The transaction is subject to regulatory approvals, although approval from either Elron or Roche shareholders is not necessary for the deal to be completed.

13th April 2010

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