Johnson & Johnson Calls It Quits on Insulin Pumps Business
Customers currently using Animas insulin pumps will be offered the option to transfer to a pump from Medtronic.

Johnson & Johnson's (JNJ) Animas Corp. will close operations and exit the insulin pump market in the U.S. and Canada, the company said in a statement, effective immediately.

"With changing needs of customers, rapidly evolving market dynamics and increased competitive pressures, it proved too difficult to sustain the insulin pump business," J&J wrote.

Customers currently using Animas insulin pumps will be offered the option to transfer to a pump from Medtronic plc (MDT) , which Animas chose as its partner for existing users throughout the process of shuttering its business. Animas manufactured and sold the Animas Vibe and OneTouch Ping pumps.

About 90,000 patients currently use Animas products and pumps, and the company employs 410 people globally. Products sold and manufactured by Animas in countries other than the U.S. and Canada will continue with normal operations.

J&J stock fell 0.13% to $132.72 in midday trading Thursday.

More of What's Trending on TheStreet:

More from Stocks

Dow Falls Over 200 Points as Apple's Slump Offsets Gains in General Electric

Dow Falls Over 200 Points as Apple's Slump Offsets Gains in General Electric

Week Ahead: Major Earnings on Tap as Wall Street Readies for Geopolitical Moves

Week Ahead: Major Earnings on Tap as Wall Street Readies for Geopolitical Moves

GE Is Too Opaque, Too Diversified and Too Poorly Managed: Doug Kass Insider

GE Is Too Opaque, Too Diversified and Too Poorly Managed: Doug Kass Insider

Google's YouTube in Hot Water Again Over Ads on Inappropriate Content

Google's YouTube in Hot Water Again Over Ads on Inappropriate Content

Should Tesla Nominate a New CEO Not Named Elon Musk?

Should Tesla Nominate a New CEO Not Named Elon Musk?