Medtronic (NYSE:MDT) today said it has completed the acquisition of Medicrea and its spinal surgery tech.
The deal was announced in July when Medtronic said it would buy the France-based company for a tender offer price of €7.00 (nearly $7.84) per share for a premium of 22% over the closing price of shares on July 14, 33% over the one-month value-weighted average price and 56% over the three-month volume-weighted average price.
Medtronic currently owns in excess of 90% of Medicrea’s share capital and voting rights and plans to request the implementation of a squeeze-out procedure under French law, allowing Medicrea to become a wholly-owned subsidiary of Medtronic.
The acquisition marks the seventh for Medtronic in 2020 and will help strengthen Medtronic’s orthopedic spine surgery platforms.
“We have entered the age of augmented intelligence in spinal surgery at the point of care,” said Christopher Ames, director of spinal tumor and spinal deformity surgery at UCSF Medical Center in California. “Through the power of predictive models, data collection and machine learning, a unique capability is created, allowing for a continuous cycle of improvement. Physicians will have augmented eyes through surgical navigation, augmented hands with robotics, and most importantly, augmented intelligence through full integration with machine intelligence impacting all aspects of the care pathway. This type of technology will likely lead to safer procedures and more reliable outcomes while preventing costly revision surgery. It is rewarding to see the spine industry fully embracing these new capabilities and investing in the future.”
Medicrea’s product portfolio includes the Unid Adaptive Spine Intelligence that supports surgeon workflow in preoperative planning to create personalized implant solutions.