Pharmaceutical firm Roche has agreed to acquire one of its portfolio companies, Austria-based diabetes management technology developer MySugr, for an amount a source told Close Concerns was between $75m and $100m.
Founded in 2012, MySugr has created a diabetes management system that incorporates apps which help with coaching, therapy and data tracking, and which integrate with medical devices.
The platform has more than 1 million users across 52 countries, and Roche plans to make MySugr’s technology a key part of its digital health services offering for diabetes sufferers.
Roche’s corporate venturing unit, Roche Ventures, had previously combined with venture capital firm iSeed Ventures to provide $4.8m of seed capital for the company in early 2015, after XL Health and angel investor Johann Hansmann had supplied more than €1m ($1.1m at current rates) the previous year.
Roland Diggelmann, CEO of Roche division Roche Diagnostics, said: “We are excited about this agreement, as we will be able to offer seamlessly accessible patient solutions within an open platform to better respond to the unmet needs of people with diabetes.
“Our aim is to support people with diabetes to spend more time in their ideal glucose target range and improve their quality of life.
“Having partnered with MySugr since 2014, we see an excellent cultural fit, as both our companies are passionate about taking diabetes management to the next level and making a difference in managing diabetes.”
– Photo courtesy of MySugr GmbH