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Monday, Dec 4, 2023

Medtronic Lands Deal to Develop Product

Medical-device maker Medtronic on Wednesday announced that it has entered into an international, multi-year contract with mobile tech company Qualcomm Inc., a subsidiary of San Diego-based Qualcomm Life Inc., to collaboratively develop future models of its continuous glucose monitoring systems. Headquartered in Dublin, Ireland, Medtronic’s diabetes division — Medtronic Diabetes — is located in Northridge, where it manufactures the systems that allow diabetics to monitor their glucose levels throughout the day. The first focus of the joint venture will be to develop a single-use monitoring system with more capabilities and interactivity for physicians who manage care for their patients with type 2 diabetes. The agreement aims to leverage Qualcomm’s experience designing wireless, single-use and small integrated modules with Medtronic’s experience in diabetes management to create more affordable and efficient monitoring systems, called CGM. Some design changes include a smaller device and new sensor. “Professional CGM is an increasingly used diagnostic tool that empowers physicians and patients with meaningful glucose data to tackle glucose control,” Laura Stoltenberg, Medtronic’s vice president of non-intensive diabetes therapies, said in a statement. “We are thrilled to be collaborating with Qualcomm Life — a best-in-class leader in wireless technologies that is ahead of the curve in a rapidly changing connected world — to develop innovative and affordable CGM systems that will fundamentally change type 2 diabetes management.” Medtronic closed up 14 cents, or less than a percent, to $81.08 on the New York Stock Exchange.

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