i2o Therapeutics says it acquired the diabetes-treating assets of one-time medtech unicorn Intarcia Therapeutics.

The Boston-based company acquired and integrated Intarcia’s proprietary assets and made a big personnel move. With CEO Ravi Srinivasan moving onto other opportunities, i2o named Kurt Graves as chair, president and CEO.

Graves previously served as executive chair of the i2o board, taking that position in August 2021. He also previously served as chair, president and CEO of Intarcia.

At one point, Intarcia held the label of potential game-changer in diabetes. The company developed a type 2 diabetes drug and a proprietary six-month GLP-1 implant for delivery.

Investors valued the company at more than $5 billion. But despite the hype, the FDA refused to allow Intarcia’s ITCA 650 on the market. Trials identified that it might cause acute kidney issues, while the company ran into some production challenges.

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