BEDFORD, Mass. — Insulet Corp., which manufactures the OmniPod insulin pump, announced June 2 that it has acquired Neighborhood Diabetes for $63 million in cash and stock.
Based in Woburn, Mass., with offices in Brooklyn, N.Y., and Orlando, Fla., Neighborhood Diabetes serves more than 60,000 customers, primarily in the Northeast and Southeast, with more than 15,000 of its insulin-dependent clients using multiple daily injection therapy. Combined with Insulet's base of 25,000 OmniPod customers, "we believe this combination best positions both companies to accelerate growth and achieve the vision of providing a full-service diabetes offering to our now more than 85,000 combined customers," said Tom Cronin, Neighborhood's CEO, in a release.
Insulet president and CEO Duane DeSisto added that the acquisition brings "critical infrastructure" to the company and "immediately strengthens our back office processing capacity, a necessary investment to support additional domestic commercial expansion in advance of the expected approval of the next generation OmniPod."