Medtronic's new diabetes company to be called MiniMed
Medtronic, a global healthcare technology company, announced that MiniMed is the name for the planned new diabetes company following the intended separation.
The name honors the company's roots, reflecting its original name prior to its acquisition by Medtronic in 2001, and a 40-year history of being at the forefront of transforming diabetes care around the world, the company noted.
"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 executive vice president and president of Medtronic Diabetes and CEO designate of MiniMed. "We're thrilled to honor this rich 40-year legacy with a name that carries deep meaning and trust. 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."
[Read more: CVS Health, ADA join forces to support diabetes prevention, management]
The company noted that for many employees, the mission hits close to home—more than 70% of those surveyed have a personal connection to diabetes. That includes Key Payton, who has been with the company for more than a decade and was diagnosed with Type 1 diabetes in 1960.
"When I was just three years old, doctors told my parents I likely wouldn't live past 10. But here I am, 65 years later, defying the odds and living my best life. I've experienced firsthand how the company has transformed diabetes care and personally helped me beat those early odds in astounding ways," said Payton. "I'm forever grateful for the hope and support they've given me every day for nearly three decades. Today, I'm a proud user of the MiniMed 780G system, and my Time in Range§ has never been better. I'm finally sleeping through the night and worrying less about my diabetes — it's freeing."
[Read more: Q&A: Medtronic Diabetes expands into smart insulin pens and develops a new therapy platform called Smart MDI systems]
Medtronic is targeting completion of the planned separation within 18 months of the initial announcement, subject to customary conditions and legal requirements including consultations with works councils and other employee representative bodies.