Insulet sells Neighborhood Diabetes
BEDFORD, Mass. – Insulet Corp. has announced plans to sell Neighborhood Diabetes to Liberty Medical for $5 million. Insulet acquired Woburn, Mass.-based Neighborhood Diabetes for $63 million in 2011. "This transaction is an important step in positioning Insulet as a more focused organization, enabling us to direct our operational and financial resources toward driving continued growth of our innovative OmniPod and drug delivery products, while improving our financial profile for profitable growth over the long term,” said Patrick Sullivan, president and CEO of Insulet. “Together with Liberty Medical's comprehensive product portfolio, Neighborhood Diabetes will have the investment opportunities necessary to further develop and scale the business.” Liberty Medical was acquired by private equity firm Palm Beach Capital in 2014 for $68.5 million. The Insulet-Liberty Medical deal is expected close in the first quarter of 2016.