Reports in Israel say that Medtronic (NYSE:MDT) has entered talks to acquire Triple Jump for $300 million.
Calcalist reported that the proposed acquisition, which is in advanced negotiations, follows a 2020 investment into Triple Jump made by Medtronic that included an option to purchase the insulin pump maker.
Triple Jump — a startup based in Yokneam, Israel — develops a small insulin pump patch placed on the patient’s body and designed to offer mobile connectivity, according to the report. Additionally, Calcalist said the company’s system will be included in a future artificial pancreas platform.
The report said that the Israeli Corporations Authority confirmed that Medtronic’s investment into Triple Jump was made by Covidien, which Medtronic acquired in 2015.
Medtronic has struggled with its MiniMed insulin pump platform, having earlier this month expanded the FDA Class I recall of its MiniMed 600 series pumps, which has led to a total of 463,464 devices recalled in the U.S.
Last month, the company purchased intellectual property relating to implanted infusion pumps from the Alfred E. Mann Foundation for Scientific Research (AMF). The deal will see AMF work with Medtronic to develop the technology into a next-generation implantable insulin pump for people living with hard-to-treat type 1 diabetes.