Tandem Diabetes Acquires Swiss Based Insulin Patch Pump Developer

Tandem Diabetes Care Inc TNDM has agreed to acquire AMF Medical SA, the privately held Swiss developer of the investigational Sigi Patch Pump.
It is designed to be an ergonomic, rechargeable patch pump that reduces the burden of managing diabetes through its use of pre-filled insulin cartridges and its compatibility with automated insulin delivery technology.
The acquisition expands Tandem's type 1 and type 2 addressable market opportunities.
Tandem Diabetes Care will acquire AMF Medical under the following financial terms of the agreement:
A previous strategic investment of CHF 8.0 million was paid in Q3 of 2022.
A cash payment of CHF 62.4 million is due at closing.
Additional contingent earnout payments of up to CHF 129.6 million, in aggregate, are payable upon achieving certain milestones.
The transaction is expected to close in January 2023.
Price Action: TNDM shares are down 3.40% at $42.16 on the last check Tuesday.