Abbott to Acquire TheraSense for $1.2 Billion – Brief Article
Abbott Park, Ill.
Abbott Laboratories will acquire diabetes test-maker TheraSense Inc., which manufactures FreeStyle blood glucose self-monitoring systems, for $1.2 billion.
TheraSense, Alameda, Calif., entered the market in mid-2000 and has specialized in products requiring very small blood sample sizes. The company has requested FDA clearance to market its FreeStyle Navigator, which is designed to provide real-time glucose data, hypo- and hyperglycemic alarms and trend analysis. The device continuously monitors glucose levels and transmits the results to a wireless receiver small enough to be carried in a pocket.
Another TheraSense product, the CozMore Insulin Technology System, is under development with Deltec Inc., which provides infusion systems. Set to launch this year, the system combines the TheraSense glucose testing system and insulin delivery options if blood-sugar levels are too high.
“Together with TheraSense, Abbott can build on its success in the blood glucose monitoring business,” said Ed Fiorentino, president, MediSense Products, Abbott Laboratories. Abbott entered the field in 1996 with the acquisition of MediSense, which was the first company to commercialize biosensor technology, and grew with its product, Precision QID.
Abbott said it would continue to promote both MediSense and TheraSense products. The transaction is expected to close during the second quarter this year.
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