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WORLD’S LARGEST MAKER OF CANCER DRUGS ROCHE BUYS MEDINGO FOR $160 MLN

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Friday, May 14th, 2010

Swiss drugmaker Roche Holding AG acquired 100% of Israel’s Medingo Ltd., the medical innovator of a new semi-disposable insulin patch pump.

The Medingo patches can be stuck on to the skin, without the need for tubes, making it easier for patients to administer insulin.

Roche is the world’s No. 2 company in the insulin delivery system global market and competes with Bayer, Johnson & Johnson and Abbott in the areas of pumps and blood glucose monitoring. As part of Roche Diabetes Care, Medingo Ltd. will continue to further develop and produce the insulin patch pump system which will be integrated into Roche Diabetes Care’s insulin delivery portfolio.

Elron Electronics, an Israeli technology holding company, owns 92 percent of Medingo and expects to post a net gain of between $58 million and $81 million from the sale of Medingo.

Source: Invest in Israel