Medtronic (Medtronic Korea Holdings) to acquire 100% of EOFlow for KRW 971bn (terminated)
- Deal value
- $670m
- Stake
- 100%
- Implied 100%
- $670m
- Revenue
- $5m
- Op. income
- -$24m
- Multiples
- PSR 144.9x
Deal value ÷ stake (structure unconfirmed)
2022 연결 · DART-verified
2022 연결 · DART-verified
On implied equity value
DART 20230322000931
- Target
- EOFlow · Wearable insulin pumps (diabetes devices)
- Buyer
- Medtronic (Medtronic Korea Holdings) · SI
- Seller
- CEO Kim Jae-jin and major shareholders plus public shareholders (planned tender offer)
- Structure
- —
- Announced
- May 25, 2023
- Closed
- —
- Stage
- Terminated
Target
EOFlow is a KOSDAQ-listed medical device company that develops and manufactures EOPatch, a tubeless disposable wearable (patch) insulin pump, sold in Korea, some European countries and the UAE.
Deal rationale
Medtronic said combining EOFlow's pump with its meal-detection algorithm and next-generation CGM would meet more diabetes patients' needs; CEO Geoff Martha said the goal was to simplify diabetes management and deliver automated insulin delivery in the way patients prefer. EOFlow CEO Kim Jae-jin called Medtronic 'the most ideal strategic partner.' The deal comprised a KRW 30,000-per-share tender offer (19.8% premium) followed by delisting plus a KRW 314.9 billion third-party placement. In December 2023 Medtronic terminated citing 'multiple breaches' in an SEC filing; Kim said the parties ended the contract over a fundamental difference in views on the company's situation after Insulet's IP lawsuit.
| Revenue | $5m |
| Operating income | -$24m |
| EBITDA | — |
| Net income | — |
2022 연결 · DART-verified · 20230322000931
Press coverage
- 아시아경제 (2023-05-25): “25일 종가 대비 20% 프리미엄”
- 바이오스펙테이터 (2023-05-25): “총 인수대금은 9710억원(약 7억3800만달러)”
- 스마트투데이 (2023-12-07): “이오플로우, M&A 무산”
- 메디게이트뉴스 (2022-11-15): “3분기 연결기준 매출액 34억8126만원, 누적 매출액 50억9403만원, 3분기 영업손실 81억1528만원”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.