Medline Industries will stay a privately-held, family-run medtech giant after a majority investment from private equity firms.
Blackstone, Carlyle and Hellman & Friedman are making the investment in Medline, which media reports peg at $34 billion.
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Medtronic (NYSE:MDT) announced that it will increase research and development for its diabetes group through an agreement to receive $337 million from Blackstone.
The significant increase in R&D funding for the diabetes group is aimed at advancing new, innovative products designed to reduce the burden of diabetes management. The companies announced the agreement at the virtual 80th Scientific Sessions of the American Diabetes Association (ADA).
“This investment is important for people living with diabetes, as we expect it will expand our offering of future insulin delivery and sensor innovations that have the potential to improve patients’ management of their diabetes,” Medtronic executive VP & diabetes group president Sean Salmon said in a news release. “Over the past 12 months, Medtronic has significantly increased its investment in diabetes R&D, including investments in a series of near-term programs such as the MiniMed 780G insulin…