Abbott Plans to Acquire Bigfoot Biomedical, Growing Diabetes Portfolio
This acquisition, anticipated in the third quarter of 2023, is defined by Bigfoot’s FDA-cleared smart insulin management system.
Last week, Abbott announced plans to acquire Bigfoot Biomedical in the third quarter of 2023. If successful, this acquisition could significantly enhance Abbott’s diabetes management portfolio, adding new technology-driven tools to its repertoire.
According to Abbott’s press release, Bigfoot Biomedical is a medical technology startup that develops tools to simplify and personalize diabetes management. One of its most successful tools is the Bigfoot Unity Diabetes Management System.
This system can uniquely manage diabetes for each patient using integrated continuous glucose monitoring data and healthcare professional instructions. The combined approach recommends dosing for diabetic patients who take multiple daily insulin injections.
The system is integrated with Abbott's FreeStyle Libre 2 continuous glucose monitor to minimize the need for regular finger sticks to monitor blood sugar. The monitor is integrated with the Bigfoot Unity Mobile App, which a healthcare professional can customize to accommodate each patient’s needs.
Beyond showing real-time blood glucose levels, the app can also gather longitudinal data on glucose and insulin doses.
"Bigfoot Biomedical is the first company to design, develop, and deliver a novel insulin delivery solution built around continuous glucose monitoring," said Jeffrey Brewer, CEO of Bigfoot Biomedical, in the press release. "We selected Abbott as our CGM partner because both companies share a vision to provide simple, affordable, and easy-to-use tools for people with diabetes. We look forward to continuing to innovate together and to the scale Abbott can provide, bringing Bigfoot Unity to as many people who may benefit."
However, the FDA-cleared connected insulin pen caps are the one component differentiating this system from comparable systems. Instead of the patient determining the appropriate dose, the cap uses data from the app to provide clear recommendations for insulin injections. The company has two caps, one for rapid-acting insulin and another for long-acting insulin.
This new tool minimizes potential dosing errors, allowing patients to effectively and accurately manage their chronic condition.
"The acquisition of Bigfoot Biomedical will combine two leaders in different aspects of diabetes care: continuous glucose monitoring and insulin dosing support," said Jared Watkin, senior vice president of Abbott's Diabetes Care business, in the Abbott release. "Bringing our companies together will allow us to further develop connected solutions for making diabetes management even more personal and precise."
