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2024-07-22 19:10
Diabetes device maker Embecta (NASDAQ:EMBC) has hired advisers to evaluate a potential sale as its shares have languished over the past two years after the company was spun off from Beckton Dickinson (BDX).
The world's largest maker of disposable insulin pen needles and syringes for diabetics hired Centerview Partners in recent months to help with a possible sale, according to a Financial Times report on Friday, which cited people familiar with the matter. Embecta (EMBC) may be a potential target for private equity firms.
Embecta (EMBC) has a market cap of $760 million. Embecta didn't immediately respond to FT request for comment.
Embecta (EMBC) shares have plunged about 70% since the business was spun out of Beckton Dickinson in April 2022, likely hurt by the rise and popularity of GLP-1 drugs such as Novo Nordisk's (NVO) Ozempic, which has taken business from some traditional insulin treatments for type 2 diabetes.