Several years after partnering with Alphabet's life sciences arm Verily, Sanofi announced Dec. 10 its plans to "restructure" its participation in Onduo, their joint venture for tech-based diabetes management.
The announcement came during a presentation for Sanofi investors, in which the French pharmaceutical company outlined a plan to discontinue diabetes and cardiovascular disease research and pull back from Onduo. CEO Paul Hudson said in the presentation that Sanofi had "over-invested" in the joint venture and would no longer play a role in its operations, but will remain an investor, according to STAT.
Onduo launched in 2016, backed by a total of $500 million from Sanofi and Verily. The venture was created to build diabetes management solutions, combining devices, software, medicine and professional care to help patients make better health decisions and improve medication management. In late 2018, Walgreens tapped Onduo to provide a virtual diabetes solution for its employee health plan.
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