BD settles on name and leadership for new company in planned billion-dollar spinoff

USA – BD has chosen a new name for its new company, an independent spinoff that will house its billion-dollar diabetes care business.

After nearly a century of supplying a portfolio of insulin pens and syringes under the BD banner, Embecta is set to launch as its own, publicly traded brand in the second quarter of 2022.

By serving approximately 30 million users worldwide, the diabetes division contributed approximately 6% of the company’s revenues in the 2020 fiscal year, or nearly US$1.1 billion.

Getting out on its own will allow embecta to pursue its own acquisitions while allowing BD to do the same through its ongoing tuck-in dealmaking strategy, the company said earlier this year after announcing the plan.

Keeping the “bect” in its logo as a nod to Becton, Dickinson and Company, embecta will maintain manufacturing sites in the United States, Ireland, and China that have produced approximately 8 billion injection devices per year. It will have headquarters in New Jersey and Massachusetts.

The diabetes care business can trace its roots back nearly 100 years to BD’s introduction of the world’s first specialized insulin syringe in 1924 and today is the leading producer of diabetes injection devices in the world,” BD President and CEO Tom Polen said in a statement. “We’re proud to see that shared legacy reflected in the new name.”

Leadership reshuffle

As previously announced in May, embecta will be led by Devdatt Kurdikar, the current global president of BD’s diabetes division, who joined the company in February.

He was previously the CEO of Cardiac Science, a manufacturer of automated external defibrillators, until Zoll Medical acquired the company.

He will be joined by a newly appointed leadership team comprised of both BD diabetes veterans and newcomers.

Ginny Blocki, who joined embecta from Baxter’s medication delivery business in October, will serve as senior VP of product management and global marketing.

Colleen Riley, Terumo’s senior vice president of innovation and development, also joined that month and was named chief technology officer of the upcoming venture.

Tom Blount, BD’s general manager of diabetes care in the United States, will be promoted to North American president.

Slobodan Radumilo, general manager for Europe, the Middle East, and Africa, was chosen to lead embecta’s international operations.

Shaun Curtis, the diabetes unit’s current global president of operations, will take over as senior VP of global manufacturing and supply chain. Ajay Kumar, the division’s human resources vice president, will also be promoted to chief human resources officer.

In terms of deal-making, embecta has hired Jeff Mann as general counsel and head of corporate development.

Mann joined BD in August from Cantel Medical, where he had previously worked for 14 years. BD also announced earlier this year that Jake Elguicze, previously the head of investor relations at Teleflex, will serve as chief financial officer.

In August, the company named David Melcher as non-executive chair of the embecta board, and Claire Pomeroy as a director.

Melcher, a retired Army lieutenant general, was previously the first CEO of Exelis, an aerospace and defense company spun off from ITT in 2011. He has been a director at BD since 2017 and previously served on the board of the previously acquired C.R. Bard.

Pomeroy has also been a director at BD since 2014 and is the president of the Albert and Mary Lasker Foundation.

She was previously dean and vice chancellor of the University of California, Davis School of Medicine, and a member of the National Academy of Medicine.

Melcher and Pomeroy will both relinquish their board seats at BD following embecta’s spinoff as a publicly traded company.

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