Abbott (NYSE:ABT) and Bigfoot Biomedical said today that the companies inked a deal to develop and commercialize diabetes management systems.
The collaboration will bring together Abbott’s FreeStyle Libre glucose monitoring tech and Bigfoot’s insulin delivery platform, the companies reported.
According to the deal, Abbott will provide Bigfoot with the next-gen version of its FreeStyle Libre continuous glucose monitor. The glucose monitor will be used to develop what the pair are touting as the first personalized system intended to optimize insulin delivery without the need for a fingerstick calibration.
“Diabetes is increasing at record rates globally. There is a significant demand for tools that are intuitive and easy to use to help people take control of this complicated, challenging condition, but innovation in this area has been slow,” senior VP of Abbott’s diabetes biz, Jared Watkin, said in prepared remarks. “Together with Bigfoot, we are challenging conventional methods of diabetes management by bringing together our expertise in superior glucose monitoring technology with a best-in-class insulin delivery system that is designed with the patient in mind. This will fundamentally transform the way diabetes is managed.”
The financial terms of the deal were not disclosed. Abbott said that its technology will serve as the exclusive glucose measurement sensors for Bigfoot’s insulin delivery systems. Bigfoot plans to develop and commercialize multiple systems using Abbott’s CGM, including a diabetes management platform designed to automate insulin delivery.
“Bigfoot is committed to solving the hard problems inherent in blending consumer technology, enterprise systems and Class III medical devices in an effort to design an easy-to-use system for people with diabetes,” Bigfoot Biomedical president & CEO Jeffrey Brewer added. “Both Abbott and Bigfoot understand the real-world use of diabetes devices. A no-calibration glucose sensor is the final piece of the puzzle needed to enable consumer-friendly and accessible integrated insulin delivery systems.”
Bigfoot also said it plans to launch a pivotal trial using Abbott’s FreeStyle Libre technology in 2018 in the U.S. The FreeStyle Libre CGM is pending approval by the FDA.
“Our companies have a shared commitment to developing products that are patient focused – simple, convenient, discreet, affordable and provide actionable information,” Brewer said. “We could not be more excited to be collaborating with Abbott’s outstanding team in bringing new innovations to people with diabetes.”
