WilmerHale Represents Medtronic in $337 Million Product Investment from Blackstone Life Sciences to Expand Development of Diabetes Technologies
On June 12, 2020, Medtronic plc (NYSE: MDT) and Blackstone (NYSE: BX)
announced that they have entered into a definitive agreement under which Medtronic would receive up to $337 million of funding from funds managed by Blackstone Life Sciences, including co-investors, aimed at advancing new, innovative products especially designed to reduce the burden of diabetes management. The investment from Blackstone Life Sciences, its first such collaboration in the medical devices space, is expected to accelerate Medtronic’s diabetes pump and continuous glucose monitor technology pipeline. Under the terms of the agreement, Medtronic will receive up to $337 million in funding over the next several years to fund four identified Diabetes R&D programs, and Medtronic’s engineering, clinical, and regulatory teams will perform the development work to activate these programs. If successfully commercialized, Medtronic will pay royalties which are expected to be in the low- to mid-single digit range as a percentage of sales.
WilmerHale is representing Medtronic in the transaction, with a team led by Partners
Chris Barnstable-Brown and
Steve Barrett, which included Associate
Elizabeth Mayo on corporate matters and Partner
Julie Hogan Rodgers on tax matters.
