MASSDEVICE ON CALL — North Carolina medical device maker TranS1 (NSDQ:TSON) signed a definitive agreement to acquire privately held Baxano Inc. in a deal worth about $23.6 million.
The merger will expand TranS1’s reach in minimally invasive lumbar spine treatments with Baxano’s iO-Flex spinal decompression surgery system and iO-Tome precision facetectomy instrument.
The merger includes about $550,000 in cash as well as 10.4 million shares of TranS1 common stock, according to a press release.
"We believe that Baxano is a complementary strategic fit for our product portfolio," TranS1 president & CEO Ken Reali said in prepared remarks. "Minimally invasive treatments are the fastest growing segment of the spine market."
"This merger will create a unique company with the vision of being a leader in providing less invasive and minimally invasive solutions for spine disorders," Reali added.
Baxano reported $9.4 million in sales during the fiscal year ended Dec. 31, 2012.
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