Medtronic is no longer buying EOFlow, a Korean maker of wearable insulin pumps. The news comes three months after Insulet, EOFlow’s rival, filed a lawsuit accusing the company of stealing trade secrets.
In a filing with the Securities and Exchange Commission late Wednesday, Medtronic announced its cancellation of the deal. The filing is vague, citing “multiple breaches under the agreements” that allow Medtronic to renege. The device giant first announced the acquisition in May for $738 million, giving the company its first tubeless pump.
“We continue to advance our organic efforts and we remain committed to bringing a patch pump to market that integrates our most advanced CGM platform and clinically proven Meal Detection Technology™ algorithm,” Janet Cho, a Medtronic spokesperson, wrote to STAT.