Ping, Poof, Pow!!!

From Reuters - Johnson & Johnson’s diabetes care unit, which makes insulin pumps, said on Thursday it would shut its business in United States and Canada amid increased competition and after failing to find a buyer.

The entire story is here on Reuters.

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Johnson & Johnson's Animas Corp. said Thursday it plans to close operations and exit the insulin pump business. The company will discontinue the manufacturing and sale of its Animas, Vibe and OneTouch Ping insulin pumps. Animas said Medtronic PLC MDT, +1.30% will help facilitate a transition for the 90,000 patients who use Animas pumps, and who will be offered the option to transfer to a Medtronic pump. Animas employs 410 people around the world. The move comes as part of J&J's strategic review announced in January, in which it is continuing to evaluate options for LifeScan, a blood glucose monitoring company with the OneTouch brand of products. J&J's stock was inactive in premarket trade. It has slipped 0.6% over the past three months, while the SPDR Health Care Select Sector ETF XLV, -0.10% has gained 3.9% and the S&P 500 SPX, +0.50% has advanced 4.3%.