MiniMed completes separation from Medtronic

Diabetes device maker MiniMed is now fully independent after Medtronic accepted 55,032,401 of its own shares in exchange for 252,813,348 MiniMed shares in a split-off exchange offer that was 5.4x subscribed. Medtronic no longer holds any equity stake in MiniMed, which trades on Nasdaq as MMED.

Why it matters: The exit closes out one of medtech's most closely watched portfolio reshapings and gives MiniMed full control of its insulin delivery strategy.