Blackstone Invests $337M In Medtronic’s Diabetes R&D
Medtronic plans to rapidly expand its diabetes technology research and development with $337m in new funding from global investment firm Blackstone Life Sciences.
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The global insulin pump market is expected to see double-digit growth, reaching $5.1bn in 2024, with product launches expected by Medtronic, Insulet, Tandem and smaller players in 2021.
Poseida, Nkarta and Inventiva raised $224m, $252m and $107.7m, respectively. Also, Forbion raised €185m ($208m) of a new €250m fund and Blackstone closed the last $1.2bn of its $4.6bn fund for public and private company deals, and Ascendis led recent follow-ons with a $569.2m offering.
Clinical data presented during the virtual ADA meeting show Medtronic’s MinMed 780G hybrid closed-loop insulin system, an upgraded version of the company's 770G system, improved patients’ ability to keep their blood-glucose levels within target range.