MiniMed (Nasdaq: MMED) completed its separation from Medtronic plc (NYSE: MDT) on Oct. 15, 2026, becoming a fully independent publicly traded company.

As part of the transaction, Medtronic accepted 55,032,401 of its own ordinary shares in exchange for 252,813,348 shares of MiniMed common stock, leaving Medtronic with no remaining equity stake in MiniMed. The exchange offer was oversubscribed 5.4 times.

Shareholders whose Medtronic shares were accepted in the exchange will receive newly issued MiniMed shares in book-entry form. Fractional shares will be sold in the open market, with cash proceeds distributed by check.

"As an independent company, we have the freedom to make the decisions we believe are right for our business and the people we serve," said Que Dallara, Chief Executive Officer of MiniMed.

MiniMed, based in Northridge, California, focuses on insulin delivery systems and diabetes care products, operating in 80 countries.