The Blackstone group has decided to invest USD $337 million in Medtronic plc.
The biomedical engineering company headquartered in Dublin, Ireland which trades on the New York Stock Exchange as MDT plans to expand its research and development in Diabetes.
Blackstone announced in a press release announced that Medtronic aims to accelerate research and development geared towards Diabetes and it was willing to support it with the understood amount. Blackstone will be releasing this funds from its Blackstone Life Sciences fund.
The publication was made to coincide with the start of the virtual 80th Scientific Sessions of the American Diabetes Association (ADA). Medtronic’s diabetes device portfolio is designed to improve patients’ outcomes and provide greater lifestyle flexibility to Type 1 diabetes patients, which includes approximately 22 million individuals worldwide and 1.5 million individuals in the United States.
Blackstone Life Sciences has momentous expertise in executing development funding agreements in the medical, pharmaceutical and biotech industry, to help expand and accelerate meaningful innovation for patients. The investment leverages this proven model.