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Acquisition

Medtronic enters agreement to acquire Nutrino Health

Acquisition to augment diabetes capabilities with nutritional database and data science

Medtronic and Nutrino Health have announced the companies have entered into a definitive agreement under which Medtronic will acquire Nutrino. Given that food and nutrition are central components in effective diabetes management, the companies recognised an opportunity to improve clinical outcomes for people with diabetes by integrating Nutrino's extensive food analysis infrastructure, nutrition science expertise and artificial intelligence (AI)-driven personalised insights with Medtronic's technology and future innovations.

The Diabetes Group at Medtronic is focused on innovating diabetes management resources to improve the lives of people with diabetes. Medtronic will add Nutrino's comprehensive food database, food analysis system and nutrition-science expertise to its capabilities, upon closing of the transaction. In addition, Nutrino has been developing algorithms to predict glycaemic responses to food. By leveraging Nutrino's technology and infrastructure with continuous glucose monitoring (CGM) and industry-leading closed loop systems, Medtronic can help reduce the substantial physical and mental burden of food and nutrition management for people with diabetes.

"Bringing Nutrino and their nutrition-related expertise into our organization will give us a substantial differentiator in the diabetes industry and accelerate our progress to help people with diabetes live with greater freedom and better health," said Hooman Hakami, executive vice president and president of the Diabetes Group at Medtronic. "The Nutrino team has been an outstanding partner over the past few years. We are excited to welcome them to our team, and I have no doubt that, together, we will make a profound impact on the lives of people with diabetes."

This transaction will build on a relationship originated in June 2016. Nutrino played a role in recent US product introductions from Medtronic, including the updated iPro2 myLog app used with professional CGM solutions as well as the Sugar.IQ diabetes assistant app used with the Guardian Connect smart CGM system.

"The Nutrino team is passionate about personalised nutrition data services and technologies. Our work in the diabetes space is helping to address the needs of a growing population that needs better tools and guidance," said Yael Glassman, CEO of Nutrino Health. "We are excited to now focus completely on the intersection of nutrition and diabetes to help more people be able to better manage their condition."

The acquisition is expected to close in January 2019, subject to the satisfaction of certain customary closing conditions. The transaction is expected to be neutral to fiscal year 2019 earnings per share and meet Medtronic's long-term financial metrics for acquisitions. Additional terms of the transaction were not disclosed.

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