MiniMed Completes $538M IPO as Medtronic Diabetes Separation Advances

MiniMed has completed its initial public offering, raising approximately $538 million in net proceeds, as its separation from parent company Medtronic progresses. The diabetes technology company's shares began trading on the Nasdaq under the ticker MMED, while Medtronic confirmed the separation remains on track for completion by the end of calendar year 2026.

The IPO was priced at $20 per share, with an offering of 28 million shares of common stock amounting to $560 million. Net proceeds totaled approximately $538 million after deducting underwriting discounts, commissions, and estimated offering expenses. MiniMed retained $309 million of the net proceeds and has approximately $350 million in cash on hand. The company plans to use the cash for general corporate purposes and to repay intercompany debt owed to Medtronic. As a result of the IPO, Medtronic currently owns approximately 90.03% of the outstanding shares of common stock.

The separation was announced in May 2025, with Medtronic forecasting completion within 18 months. On the third-quarter earnings call, the CFO stated the planned separation remains on track and is expected to be complete by the end of calendar year 2026. The preferred path continues to be a two-step process of an IPO followed by a split-off. In connection with the separation, MiniMed entered into a merger agreement on March 5 to move forward. The company's board size was increased from one to nine members, with Kevin E. Lofton appointed as chair and Que Dallara serving as CEO.

During the third quarter, Medtronic submitted the next-generation MiniMed Flex to the FDA. The MiniMed Flex (8 series) pump is smaller than the previous-generation MiniMed 780G, allowing for more discrete placement while still using the same reservoirs and infusion sets. It will work with both the Simplera Sync and Instinct sensors. Medtronic also began a U.S. pivotal study for Vivera, its third-generation algorithm for automated insulin delivery, and remains set to submit its MiniMed Fit patch pump system to the FDA by the coming fall.

The Medtronic Diabetes business registered $796 million in revenue, marking a 14.8% year-over-year increase. Double-digit strength in international markets drove the business, which also saw acceleration in the U.S. thanks to drivers like the Simplera Sync and Instinct sensors made by Abbott, both launched in December. MiniMed has a team of more than 8,000 global employees and previously delivered 8% of Medtronic's annual revenue and 4% of the company's segment operating profit in fiscal 2025.

The company confirmed layoffs of 81 employees as the separation takes shape, stating it wants to ensure the right structure, capabilities, and scale for the business to succeed. It also recently launched integrated insulin delivery devices with the Instinct sensor made by Abbott.