MiniMed completed its $538 million IPO as its separation from Medtronic advances, with shares trading on the Nasdaq. Medtronic submitted the next-generation MiniMed Flex insulin pump to the FDA and reported a 14.8% year-over-year revenue increase for its Diabetes business. The full separation is expected to be complete by the end of calendar year 2026.
The FDA cleared MiniMed Flex, a screen-free insulin pump controlled by smartphone, and granted breakthrough device designation to Portal Diabetes’ implantable Portal Pump system. Portal Diabetes also began a Phase I study of Portal Insulin, while MiniMed said Flex supports its latest algorithm, sensors and infusion sets.
Intuitive Surgical disclosed that an unauthorized third party accessed internal IT business applications through a phishing incident, while Medtronic plans to lay off 81 employees from its Diabetes unit ahead of the MiniMed separation.
Medtronic's diabetes unit MiniMed is seeking up to $7.86 billion valuation in its U.S. IPO while cutting 81 jobs at its Northridge facility ahead of the planned separation into a standalone publicly traded company.
