Medtronic Seeks Out Israeli Diabetes Treatment Companies
In October, Medtronic announced the acquisition of Israel-based Mazor Robotics in a deal valued at $1.64 billion
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Hakami visited Israel recently and met with representatives from several startup companies at varying degrees of maturity, he said. The company is looking at three main clusters of technologies, Hakami said: blood glucose level tracking technologies, automatic injection of insulin via injection or pump, and technologies making use of data and artificial intelligence to lessen diabetes care costs for the health system. In data-based companies, Medtronic is more likely to invest in early stages, he said.
In October, Medtronic announced an agreement to acquire Israel-based surgical robotics company Mazor Robotics Ltd. for $1.34 billion. Including the company’s already existing stake in Mazor, acquired with an optional acquisition clause, the deal was valued at $1.64 billion. When the transaction is complete, Medtronic will employ around 1,000 people in Israel.
Medtronic does not rule out the possibility that new investments will also lead to acquisitions, Hakami said.
Medtronic has made several previous acquisitions in Israel. In 2009 the company paid $325 million for Ventor Technologies Ltd. In 2018, the company also acquired medical visualization company Visionsense Ltd. Medtronic also holds three Israeli subsidiaries through its 2015 acquisition of Covidien PLC: superDimension Ltd., Given Imaging Ltd., and Odin Medical Technologies Ltd.