Medtronic (NYSE:MDT) announced today that its MiniMed Diabetes business filed with the SEC for a proposed initial public offering (IPO).
The medtech giant said MiniMed filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC). It expects to complete the separation from Medtronic through a series of capital markets transactions. The company has a preferred path of an IPO and subsequent split-off.
MiniMed plans to list its common stock on the Nasdaq market under the “MMED” ticker. It has yet to determine the number of shares to be offered or the price range for the IPO. The company expects to commence its IPO after the completion of an SEC review process, subject to market and other conditions.
The medtech giant announced in May that it planned to separate the Diabetes unit into a standalone, publicly traded company. In that announcement, the company projected the separation within the next 18 months.
With this move, the company sought to create “a more focused Medtronic” with a more simplified portfolio in high-margin growth markets. At the same time, it creates an independent, scaled leader in diabetes, called MiniMed.
On Medtronic’s first-quarter earnings call in August, Chair and CEO Geoff Martha said the separation is “proceeding according to plan.” CFO Thierry Piéton today said during the company’s second-quarter earnings call in November that this remains the case. The company also has next-generation technologies in the works, according to that earnings call.
Since the announcement of the separation, Medtronic has reported a number of milestones, including updates to the MiniMed leadership team ahead of its shift to a standalone company, as well as the launch of its MiniMed 780G pump with a sensor made by Abbott.
