Medical device giant Medtronic to acquire Israel's Triple Jump for $300 million
The Israeli startup has developed a small insulin pump patch with mobile connectivity capabilities
Medical device company Medtronic is in advanced negotiations to purchase Israeli startup Triple Jump for $300 million, Calcalist has learned. This acquisition comes on the back of an investment made by Medtronic in the Israeli company in 2020 which also included an option to buy Triple Jump.
Triple Jump CEO Assaf Guy denied the deal in a call with Calcalist and said there are no ongoing negotiations.
According to the Israeli Corporations Authority, the investment was made via Covidien, which Medtronic purchased in 2015. Triple Jump is developing a unique small insulin pump patch that is placed on the patient’s body. The patch has mobile connectivity capabilities and will be included in a future artificial pancreas system.
Medtronic Israel CEO Yaron Itzhari (right) and entrepreneur Dov Moran. Photo: Amit Shaal and Liat Mendel
Triple Jump, which is based in the northern town of Yokneam, was founded in 2015 by CTO Guy Shinar and Ofer Yodfat. Shinar was the CEO of X Technologies that was sold to Guidant for $200 million in 2003. Yodfat was also one of the founders of Medingo, which developed an insulin pump and patch and was sold in 2010 to pharma giant Roche for around $170 million. In 2012, Roche shut down Medingo's operations in Israel and fired all 150 employees.
Among Triple Jump's additional investors are Elixir Medical Corporation, Hong Kong investment fund Wealth Strategy Holding and veteran entrepreneur Dov Moran.
Medtronic acquired Israeli AI-powered nutrition platform Nutrino for $100 million two years ago. Medtronic's largest acquisition in Israel to date was the $1.6 billion it paid for Mazor Robotics in 2018.