Tandem Diabetes to acquire AMF Medical
Tandem Diabetes announced that it has entered into a definitive agreement to acquire AMF Medical SA, the privately held Swiss developer of the Sigi Patch Pump. The Sigi Patch Pump is under development and not commercially available. 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. Tandem Diabetes Care will acquire AMF Medical under the following financial terms of the agreement: A previous strategic investment of CHF 8M paid in the third quarter of 2022; A cash payment of CHF 62.4M due at closing; Additional contingent earnout payments of up to CHF 129.6M, in aggregate, payable upon the achievement of certain milestones, including: Up to CHF 38.4M upon the successful completion of key development milestones over the next two years; Up to CHF 91.2M upon obtaining regulatory clearance of an automated controller enabled pump by the United States FDA. The transaction is subject to the satisfaction of customary closing conditions and is expected to close in January 2023
