June 12, 2020 / 10:00 PM / 20 days ago

BRIEF-Medtronic Announces A $337 Mln Product Investment From Blackstone Life Sciences To Expand Development Of Future Diabetes Technologies

June 12 (Reuters) - Medtronic PLC:

* MEDTRONIC ANNOUNCES A $337 MILLION PRODUCT INVESTMENT FROM BLACKSTONE LIFE SCIENCES TO EXPAND DEVELOPMENT OF FUTURE DIABETES TECHNOLOGIES

* MEDTRONIC PLC - MEDTRONIC IS NOT DISCLOSING SPECIFIC DEVELOPMENT PROGRAMS

* MEDTRONIC - IF SUCCESSFULLY COMMERCIALIZED, CO TO PAY ROYALTIES EXPECTED TO BE IN LOW- TO MID-SINGLE DIGIT RANGE AS % OF SALES

* MEDTRONIC PLC - WILL RECEIVE UP TO $337 MILLION IN FUNDING OVER NEXT SEVERAL YEARS TO FUND FOUR IDENTIFIED DIABETES RESEARCH AND DEVELOPMENT PROGRAMS

* MEDTRONIC PLC - ADDITIONAL TERMS OF ARRANGEMENT WERE NOT DISCLOSED. Source text for Eikon: Further company coverage:

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