Medtronic‘s (NYSE:MDT) diabetes unit, MiniMed Group, filed for a U.S. initial public offering (IPO) on Friday, as part of its separation from the medical devices maker.

The Northridge, California-based company reported a net loss of $21 million on net sales of $1.48 billion in the six months ended October 24, compared with a net loss of $23 million on net sales of $1.3 billion a year earlier, according to a regulatory filing with the U.S. Securities and Exchange Commission (SEC).

Medtronic To Retain Majority Voting Stock

MiniMed said that part of the proceeds from the IPO would be used to repay intercompany debt owed to Medtronic, with the remainder set aside for general corporate purposes.

The company, which makes insulin ...