Cleary Gottlieb, Baker McKenzie, Skadden, and Davis Polk advised on MiniMed’s US$560 million IPO and separation from Medtronic.

MiniMed Group Inc. has completed a US$560 million initial public offering, marking its separation from parent company Medtronic plc. The offering comprised 28 million shares of common stock priced at US$20 per share, with the underwriters granted a 30-day option to purchase up to an additional 4.2 million shares.

MiniMed’s shares began trading on the Nasdaq Global Select Market under the ticker “MMED.” Following the IPO, Medtronic will retain approximately 90.03% ownership of MiniMed, or 88.7% if the underwriters exercise their option in full. The transaction forms part of Medtronic’s broader strategy to separate its diabetes business through an IPO followed by a potential split-off transaction.

MiniMed is a global leader in insulin delivery technologies, offering an integrated ecosystem of insulin delivery systems, continuous glucose monitors, algorithms, and digital applications designed to support diabetes management across more than 80 countries.

Cleary Gottlieb Steen & Hamilton LLP advised Medtronic and MiniMed on the IPO and separation.

The cross-disciplinary team was led by Partners Adam Fleisher, Synne Chapman and Kim Spoerri, supported by a multi-practice team across capital markets, M&A, finance, tax, regulatory, litigation and intellectual property.

Baker McKenzie also acted as legal counsel to Medtronic, while Skadden, Arps, Slate, Meagher & Flom LLP served as special tax counsel to Medtronic in connection with the transaction.

Davis Polk & Wardwell LLP advised the representatives of the several underwriters on the offering. The team included Partners John B. Meade and William A. Curran, counsel Arisa Akashi Sin, and Associates Jonathon Gex Artigues and Patrick B. Fontana, with additional support across tax, intellectual property, environmental and executive compensation matters.