Medtronic has landed on a new brand for the planned spinout of its diabetes division, and it didn’t have to look very far. The new company will share a name with its flagship insulin pump, MiniMed.
The moniker is also a nod to its roots, according to the company, with MiniMed being the name of the original developer of the system that Medtronic acquired for $3.7 billion back in 2001.
“Our journey began in 1983, when visionary entrepreneur Alfred E. Mann founded MiniMed and revolutionized diabetes care with many first-of-its-kind innovations that pushed the boundaries of care and helped simplify life with diabetes for countless people around the world,” said Que Dallara, current president of Medtronic’s diabetes unit and CEO-to-be of the upcoming company.
“We're thrilled to honor this rich 40-year legacy with a name that carries deep meaning and trust,” Dallara said in a statement. “As we step forward into this new and exciting chapter, we'll focus relentlessly on fulfilling our Mission to make diabetes more predictable so everyone can embrace life to the fullest.”
Medtronic announced its plans to divest the $2.8 billion business last month, and form what it has said will become the only player in the space that offers a complete insulin management ecosystem—featuring the MiniMed 780G pump, as well as the company’s continuous glucose monitors and smart insulin pen hardware.
The medtech giant said it aims to complete the spinout within the next year and a half. The diabetes division counts more than 8,000 employees, with a headquarters located in MiniMed’s ancestral home of Northridge, California, outside Los Angeles.