The carve-out IPO of Medtronic’s diabetes unit is the second largest medtech IPO ever

Davis Polk is advising the representatives of the several underwriters in connection with the $560 million initial public offering of 28,000,000 shares of common stock of MiniMed Group, Inc. The underwriters have a 30-day option to purchase up to an additional 4,200,000 shares of common stock from MiniMed. The common stock is listed on the Nasdaq Global Select Market under the symbol “MMED.” The deal is the second largest medtech IPO ever.

MiniMed is a global leader in insulin delivery, constantly advancing therapies that support people with diabetes in 80 countries. MiniMed’s full-stack, integrated ecosystem, including its insulin delivery systems, CGMs, algorithms and easy-to-use app experience, is designed to work seamlessly together, supported by white-glove, wrap-around service. For over 40 years, MiniMed has pioneered therapies people can rely on by anticipating needs, reducing burden and helping make life with diabetes easier. Its mission is to make every day a better day for people with diabetes.

The Davis Polk capital markets team included partners John B. Meade, counsel Arisa Akashi Sin and associates Jonathon Gex Artigues and Patrick B. Fontana. Partner William A. Curran provided tax advice. Partner David R. Bauer provided intellectual property advice. Counsel Loyti Cheng provided environmental advice. Partner Jennifer S. Conway provided executive compensation advice. All members of the Davis Polk team are based in the New York office.

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