US Dublin-based med-tech company Medtronic plc (NYSE: MDT) has acquired Israeli nutrition-related data services, analytics, and technologies company Nutrino Health Ltd.. No financial details about the deal were disclosed but sources believe it was for $100 million. Founded in 2011 by Yonatan Lipkin and Dr. Yaron Hadad, Nutrino has raised $10 million.
Based in Tel Aviv, Nutrino will be integrated into Medtronic's Diabetes Group. Medtronic and Nutrino said that the companies recognized an opportunity to improve clinical outcomes for people with diabetes by integrating Nutrino's extensive food analysis infrastructure, nutrition science expertise and artificial intelligence (AI)-driven personalized insights with Medtronic's technology and future innovations. Medtronic and Nutrino have been collaborating on a diabetes app over the past two years.
The Diabetes Group at Medtronic is focused on innovating diabetes management resources to improve the lives of people with diabetes. Medtronic will add Nutrino's comprehensive food database, food analysis system and nutrition-science expertise to its capabilities, upon closing of the transaction. In addition, Nutrino has been developing algorithms to predict glycemic responses to food. By leveraging Nutrino's technology and infrastructure with continuous glucose monitoring (CGM) and industry-leading closed loop systems, Medtronic can help reduce the substantial physical and mental burden of food and nutrition management for people with diabetes.
Medtronic EVP and Diabetes Group president Hooman Hakami said, "Bringing Nutrino and their nutrition-related expertise into our organization will give us a substantial differentiator in the diabetes industry and accelerate our progress to help people with diabetes live with greater freedom and better health. The Nutrino team has been an outstanding partner over the past few years. We are excited to welcome them to our team, and I have no doubt that, together, we will make a profound impact on the lives of people with diabetes."
The acquisition is expected to close in Medtronic's third fiscal quarter.
Nutrino Health CEO Yael Glassman said, "The Nutrino team is passionate about personalized nutrition data services and technologies. Our work in the diabetes space is helping to address the needs of a growing population that needs better tools and guidance. We are excited to now focus completely on the intersection of nutrition and diabetes to help more people be able to better manage their condition."
Medtronic has acquired many Israeli companies in the past including Mazor Robotics Ltd. (TASE:MZOR) in September for $1.6 billion.
Nutrino was represented by Advs Shira Azran and Alon Sahar from the Meitar Liquornik Geva Leshem Tal law firm. Medtronic was represented by Advs David Osborne and Ezra Gross from the Yigal Arnon & Co. Law firm.
Published by Globes, Israel business news - en.globes.co.il - on November 21, 2018
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