INSULET CORPORATION (NASDAQ:PODD) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 — Entry into a Material Definitive Agreement.
On June 29, 2018, Insulet Corporation (the "Company") entered into a First Amendment (the "Amendment") to its Materials Supplier Agreement (the "Supplier Agreement") with Flextronics Medical Sales and Marketing, Ltd ("Flextronics"). The Amendment extends the initial term of the Supplier Agreement by 16 months, through December 31, 2022.
Under the Supplier Agreement, Flextronics produces and manufactures the Company's proprietary OmniPod Insulin Management System, as well as the Company's drug delivery devices and personal diabetes managers (PDMs). Following the Amendment, manufacturing by Flextronics of the devices will continue to be done on semi-automated manufacturing lines at a facility in China owned and operated by a subsidiary of Flextronics. Flextronics will continue to supply the Company with devices in accordance with rolling forecast and delivery schedules provided by the Company and the Company will continue to purchase product on pricing and terms agreed by the parties.
About INSULET CORPORATION (NASDAQ:PODD)
Insulet Corporation is engaged in the development, manufacturing and sale of the OmniPod Insulin Management System (the OmniPod System), an insulin delivery system for people with insulin-dependent diabetes. The OmniPod System consists of the OmniPod, a small, self-adhesive disposable tubeless OmniPod device, which is worn on the body for approximately three days at a time and its wireless handheld Personal Diabetes Manager (PDM). The Company purchases OmniPods pursuant to its agreement with Flextronics. It also partners with pharmaceutical and biotechnology companies to tailor the OmniPod technology platform for the delivery of subcutaneous drugs across multiple therapeutic areas. It sells the OmniPod System and other diabetes management supplies in the United States through direct sales to customers or through its distribution partners. The Company purchases OmniPods pursuant to its agreement with Flextronics. The OmniPod System is available in Europe, Canada and Israel.
