Embecta announced that it entered into a definitive agreement to acquire Owen Mumford Holdings Limited.
Owen Mumford, a privately held, UK-based company, develops and manufactures medical devices and drug delivery technologies.
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Embecta, the former BD Diabetes business, agreed to acquire Owen Mumford with an upfront cash payment of approximately $133 million (£100 million). The deal also includes an additional $66.4 million (£50 million) in performance-based payments, taking its total value to $199.4 million (£150 million).
Those performance-based payments remain contingent on net sales of the Aidaptus next-generation auto-injector platform in the three-year period following closing.
Embecta’s board of directors unanimously approved the transaction. The Parsippany, New Jersey-based company expects to close the deal during its fiscal third quarter of 2026.
The deal bolsters Embecta as it looks to shift priorities toward broader medical applications. In May 2025, the company announced plans to widen its reach. While intending to remain as an insulin injection leader, Embecta aims to shift toward becoming a broad-based medical supplies company. Owen Mumford, which generated $92.3 million in 2025 revenue, can help with that transition.
“We are extremely pleased to announce this agreement to acquire Owen Mumford, a company that has earned a global reputation for innovation, quality and patient‑centered design,” said Devdatt (Dev) Kurdikar, chair, president and CEO of Embecta. “This acquisition is expected to sustainably improve embecta’s revenue growth trajectory and will accelerate our strategic transformation into a broad-based medical supplies company which provides drug delivery platforms to pharmaceutical companies and serves chronic care patients in the obesity, diabetes, autoimmune diseases and anaphylaxis markets.”
Owen Mumford serves as a partner to many pharmaceutical, biotech and healthcare organizations with its drug delivery and medical device platforms. Its products include a growing pharmaceutical services portfolio built on auto-injector success, anchored by Aidaptus and other devices.
Embecta said that the company pioneered the first plastic auto-injector and continues to innovate and expand its portfolio. Its medical device offerings span point-of-care testing, self-injection and pelvic health devices, too. Embecta expects these to prove complementary to its existing diabetes care franchise and commercial infrastructure.
According to Embecta, the deal adds a differentiated drug delivery platform that supports multiple pharmaceutical partners across multiple therapeutic areas. It also offers a strong underlying intellectual property portfolio. Additionally, the deal creates an opportunity to capitalize on Embecta’s commercial presence in more than 100 countries, it said. During fiscal 2025, Owen Mumford generated approximately 80% of its revenue in the UK and U.S.
The Aidaptus system, in particular, delivers clear features and benefits, the company said. It has one form factor and a single final assembly process to streamline large-scale manufacturing while reducing changeovers and supply chain complexity.
Embecta expects the deal to contribute to revenue growth in fiscal 2027 with an immaterial impact on adjusted operating income. It then expects an accretive impact thereafter, while proving dilutive to adjusted net income in fiscal 2027. The company expects it to be immaterial to its fiscal 2028 adjusted net income and accretive thereafter. Then, it anticipates a high-single-digit return on invested capital by year four, increasing thereafter.
“Owen Mumford has a 70-year track record of developing innovative solutions with long-term growth potential,” said Gavin Jones, managing director of Owen Mumford. “With our complementary portfolios and manufacturing expertise, and by leveraging Embecta’s commercial scale, we will continue to drive innovation that improves the quality of life for people living with chronic conditions and other healthcare needs while creating new opportunities for our valued customers and the Owen Mumford team.”
BTIG analysts Marie Thibault, Sam Eiber and Alexandra Pang maintained a “Buy” rating for Embecta on the heels of the announcement.
The analysts note a bit of product overlap between the two companies on pen needles, safety pen needles and syringes. However, Embecta offers insulin administration products, while Owen Mumford’s portfolio ranges wider.
Additionally, the analysts see potential upside from geographic expansion, while the combination may supplement Embecta’s own capabilities in pen injector development.
“We think this transaction checks a lot of boxes: it moves the company into adjacent areas, complements their B2B efforts with generic pharmaceutical partners, and adds the Aidaptus auto-injector platform while not straying from its strengths in manufacturing and scale,” the analysts wrote. “We believe this deal was done at a reasonable valuation and is the first step toward sustainable revenue growth for [Embecta]. Importantly, [Embecta] remains committed to debt paydown and other capital allocation priorities. We like this deal for [Embecta].
