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.