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MiniMed completes separation from Medtronic

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MiniMed completes separation from Medtronic

Medtronic exchanged all of its remaining shares of the diabetes technology spinoff.

Medtronic's office in Santa Clara, Calif., on June 10, 2023. Medtronic exchanged its shares of MiniMed in the final step to separate the two companies. Alamy

The diabetes technology firm, which went public in March, is now independent from its former parent.

Medtronic began an exchange offer last month to split off a portion of its MiniMed shares. The agreement included a provision where Medtronic could choose to sell all of its remaining shares in MiniMed if the offer is oversubscribed.

Because the offer was 5.4x subscribed, Medtronic chose to exchange all of its remaining interest in MiniMed for shares of Medtronic, the company said Thursday. It no longer holds a stake in MiniMed.

“As an independent company, we have the freedom to make the decisions we believe are right for our business and the people we serve, and the responsibility to see those decisions through,” MiniMed CEO Que Dallara said in a statement. “Our focus now is to put that independence to work and continue advancing what is possible in diabetes care."

CFO Chad Spooner said in an earnings call last month that the company is working to exit technology service agreements with Medtronic. MiniMed started with about 160 such agreements and expects to exit most of them in 2027.

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