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Roche (RHHBY) Closes Insulin Pump Co Medingo, Cuts More Than 100 Jobs


1/23/2012 8:23:36 AM

Roche AG's (SWX: ROG) Diagnostics Division is due to close Medingo, two years after acquiring the miniature insulin pump developer for $200 million. Medingo produces its insulin pumps at its facility in Yokne'am, which has more than 100 employees. Sources inform ''Globes'' that Roche Diagnostics is transferring its Israeli insulin pumps R&D activity to Europe in order to consolidate it with the company's diabetes operations. The move is part of a massive restructuring by Roche. Most of Medingo's development staff have been offered relocation at the new facility, but most of them will probably seek work in Israel's medical devices industry.

Read at Globes Online

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