Medtronic (NYSE: MDT) is entering the final stretch of its long-running plan to split from its diabetes technology business, with the launch of an exchange offer that will allow stockholders to swap their company shares for those of the independent MiniMed (Nasdaq: MMED).
With its catalog of insulin pumps, continuous glucose monitors and other diabetes hardware, MiniMed went public on the Nasdaq this past March, claiming the ticker MMED and about $538 million in total net proceeds. Medtronic retained about 90% ownership of the spinout at the time, or more than 252.8 million shares.
Now the medtech giant said it plans to sell at least 80.1% of MiniMed’s outstanding common stock, at a 7% discount through the offering slated to run until October 9. Shareholders are expected to receive about $107.53 of MiniMed stock for every $100 of Medtronic.
“MiniMed is delivering strong results, has a rich innovation pipeline, and a leadership team with a clear vision for the future,” Martha added. If the exchange offer is oversubscribed, Medtronic will aim to sell all of its remaining interest, for an additional 27.4 million shares. The company had previously set a goal of completing the split by the end of the 2026 calendar year.
“With the exchange offer underway, our separation from Medtronic is entering the final stage,” said Que Dallara, CEO of MiniMed and former president of Medtronic’s diabetes business. “It does not change who we serve, but it gives us complete autonomy over our capital allocation, our product roadmap, and our speed. Independence does not make the job easier; it simply means our execution is entirely in our own hands.”
MiniMed’s shares dipped about 4% on the news of the offer today, landing at about $21.80 — though that’s still up about 17% to date following its IPO — while Medtronic’s price climbed about 2.5% to over $93.30. The S&P 500 was down slightly.
Medtronic first announced its spinoff plans in May 2025, with an 18-month plan to form an independent player out of its $3 billion product portfolio and its about 8,000 global employees, which had put up about 8% of the company’s total revenue. Soon after it claimed the familiar name of MiniMed, after its automated insulin pumps.
This year , MiniMed began the U.S. rollout of its miniature MiniMed Flex automated insulin delivery system, following its FDA clearance in March, while also claiming a CE mark for the app-controlled pump in Europe. Earlier this month, the company said it has submitted its Fit patch pump for FDA review ahead of schedule, with a U.S. debut slated for summer 2027.
