Stryker (NYSE:SYK) yesterday acquired a majority stake in Vexim for roughly $216 million and plans to buy the rest of the French spinal implant maker today.
Kalamazoo, Mich.-based Stryker paid €20 ($23.63) per share for Vexim’s stock and €3.91 ($4.62) per listed warrant, for a total equity value of €183 million, Vexim said. The deal is expected to close during the fourth quarter.
“We are really excited by this transaction and enthusiastic about our future integration into Stryker’s interventional spine business, which we view as highly complementary to Vexim. Stryker will significantly help us achieve our objective to become a global spine trauma leader, through consolidation of our European presence and expansion of our international footprint. We will benefit from Stryker’s broad customer base and commercial platform in back trauma surgery, enabling further acceleration in the adoption of the SpineJack technology. Stryker is the ideal partner to lay the ground for Vexim business on the promising US market,” CEO Vincent Gardès said in prepared remarks.
Vexim’s clinical trial of its SpineJack device, compared with balloon kyphoplasty, is on track for a bid for 510(k) clearance in the U.S. next year, Gardès said.
“As Vexim enters its next chapter of growth as part of Stryker Corp., I would like to warmly thank our reference shareholders Truffle Capital, which co-founded the company, Bpifrance and Kreaxi, all of which steadily supported Vexim over the years,” he said.
“This transaction further illustrates the power of medtech radical innovation in France,” added Truffle CEO Dr. Philippe Pouletty.
($1 = €0.846541)
