EOFlow

Medtronic called off its planned acquisition of EOFlow, a maker of insulin patch-pumps, citing multiple breaches of agreements. The deal was valued at about $738 million.

Medtronic plc announced it has entered into definitive agreements to acquire EOFlow Co. Ltd., manufacturer of the EOPatch tubeless insulin delivery device.

Eoflow announced a 10.85 billion won investment in its Gonjiam production facility to build an automated production line for its Eopatch wearable insulin pump, including 3.75 billion won for plant expansion and 7.1 billion won for automation equipment. Completion is expected by December 2022.

Eoflow announced a facility investment of KRW 10.85 billion for expansion and renovation of its Gonjiam plant and construction of an automated production line for Eopatch wearable insulin pumps. The project is expected to be completed by December 2022.

EOFlow signed a contract with Gulf Drug of the UAE to supply 48.8 billion won ($40 million) worth of EOPatch wearable insulin pumps over five years. Gulf Drug will have exclusive sales rights in the GCC.

Sinocare will invest KRW9.2 billion (USD7.9 million) in EoFlow for a 1.5% stake and form a joint venture in Changsha, China, to integrate blood glucose monitoring with insulin pumps.

Eoflow announced a 18 billion won investment in facilities for in-house production of the Eopump, a core component of its wearable insulin pump, including remodeling a new factory and building an automated line in Gwangju, Gyeonggi Province.

EOFlow received CE Mark certification from the European Union for its wearable insulin pump EOPatch, controller ADM, and smartphone app Narsha. The certification was announced on May 25, 2021, enabling sales in Europe and other CE Mark-recognizing countries.