SEOUL, May 26 (Yonhap) -- EOFlow Co., a South Korea-based developer of an insulin patch pump, has been acquired by the U.S. health care company Medtronic PLC.
"Medtronic today announced it has entered into a set of definitive agreements to acquire EOFlow Co.," the U.S. company said in a statement posted on its website Thursday (U.S. time).
It said it will integrate EOPatch, EOFlow's tubeless, wearable insulin delivery devise, with its own meal-detection algorithm to help patients deal with diabetes in a simpler way.
Under separate purchase deals with EOFlow CEO and founder Kim Jae-jin, known as Jesse Kim, Medtronic President Luis Malave, Medtronic will acquire all of the shares in EOFlow at a price per share of 30,000 won (US$22.6), the U.S. company said.
According to filing, Kim owns 18.58 percent, or 5.64 million, shares in EOFlow, which is listed on South Korea's tech-heavy KOSDAQ bourse.
"We're thrilled to accelerate our next phase of growth with a partner like Medtronic who shares our goal of simplifying diabetes management to make life easier for the customers we serve," Kim was quoted as saying in the statement by Medtronic.