Insulin patch pump developer AMF Medical to be acquired by Tandem Diabetes Care

Tandem Diabetes Care, an American diabetes technology company, has agreed to acquire Switzerland-based insulin patch pump developer AMF Medical SA for CHF 62.4 million, which includes a previous strategic investment of CHF 8 million and a cash consideration of CHF 62.4 million at closing.

As per the terms of the agreement, AMF Medical is also entitled to additional contingent earnout payments of up to CHF 129.6 million and up to CHF 38.4 million as well as up to CHF 91.2 million, payable upon the achievement of certain milestones.

The acquisition is expected to increase Tandem’s type 1 and type 2 addressable market opportunity in the insulin delivery devices space and fast-track time-to-market for a patch pump in the company’s technology offerings.

AMF Medical is developing an insulin patch pump named Sigi, which manages diabetes through its use of pre-filled insulin cartridges, and is controlled directly from an individual’s smartphone.

Insulin patch pump developer AMF Medical to be acquired by Tandem Diabetes Care. Photo courtesy of Business Wire.

John Sheridan — Tandem Diabetes Care president and chief executive officer, said: “This acquisition supports our commitment to drive growth through innovation, as AMF Medical has novel technology and a shared passion for creating easy-to-use solutions to improve the lives of people with diabetes.

“Our portfolio approach to diabetes care is designed to bring the benefits of advanced insulin pump therapy to more people worldwide, utilize our expertise in automated insulin delivery technology and data management, and leverage our commercial infrastructure to create shareholder value.”

Baker & McKenzie and Homburger acted as legal advisors to Tandem and AMF Medical respectively while SVB Securities served as exclusive financial advisor to AMF Medical.

The transaction is expected to complete in January 2023, subject to the satisfaction of customary closing conditions.