Trinity Biotech enters into letter of intent with Bayer for partnership

Trinity Biotech (TRIB) announced that it has entered into a non-binding Letter of Intent with Bayer (BAYRY) for the launch of a Continuous Glucose Monitoring biosensor device in China and India. This Letter of Intent is related to the Company’s recently announced acquisition of the CGM assets of Waveform Technologies, Inc. Trinity has entered into a Letter of Intent with Bayer’s subsidiary in China under which both parties confirmed their intent to further explore an exclusive joint partnership between the Company and Bayer for the launch of a CGM focused biosensor device into the Chinese market. Both parties intend to negotiate a definitive agreement under the framework set by the Letter of Intent in the coming months. “We could not have asked for a stronger international partner to help us embark on the journey of introducing our newly acquired innovative and accessible biosensor technology into large diabetes markets with significant unmet needs,” said John Gillard, Chief Executive Officer. “We believe that the combination of Bayer’s strong local commercial presence and Trinity’s ability to manufacture a low cost of care and innovative CGM device on the back of the Waveform acquisition can drive our collaboration to a market leading status in China, aiding both patients and physicians with the management of diabetes in a data-driven and scaled way. In addition, Bayer’s established presence in the diabetes market in India provides an ideal partnership for us to drive adoption of CGM in this strategically important and expanding market. I believe that this development demonstrates the value that can be created for Trinity’s shareholders through the company’s revised strategy”.