Medtronic (NYSE:MDT) said yesterday that it agreed to acquire Titan Spine for an undisclosed amount.
Mequon, Wis.-based Titan Spine makes a line of titanium interbody fusion devices featuring a surfacing technology it developed to encourage the ingrowth of bone into the implants. The acquisition is slated to close during Medtronic’s fiscal first quarter ending July 26, Fridley, Minn.-based Medtronic said.
“We’ve built the broadest spine portfolio – implants, instruments, enabling technologies, and biologics – in order to provide complete procedural solutions for surgeons’ biggest challenges,” spine president Jacob Paul said in prepared remarks. “Titan Spine has pioneered the spine implant surface technology category over the past several years. We feel that surface-enhanced titanium implants combined with our comprehensive biologics portfolio can have a positive impact on patient outcomes in spinal procedures.”
“Titan Spine is thrilled to enter into a definitive agreement with Medtronic, who have long been the leading organization within the spine industry,” added Titan Spine CEO Dr. Peter Ullrich. “Combining Titan Spine’s groundbreaking nanoLock surface technology with Medtronic’s commercial strength will make a dramatic impact on the spine market, particularly for the improvement of patient outcomes.”
Medtronic said the deal is not expected to affect adjusted earnings per share for this fiscal year.
