Insulet, a U.S.-based maker of tubeless insulin pumps, will join the S&P 500 starting on Wednesday, taking the place of SVB Financial Group. SVB is the parent of Silicon Valley Bank, which on Friday was closed by regulators and taken into receivership by the Federal Deposit Insurance Corporation.
Acton, Mass.-based Insulet has a market capitalization of $20.86 billion. The company’s shares rose 7%, or $19.67, to $300.03 in Monday morning trading. The shares are up more than 3% over the past five days.