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Home » Tornier IPO: Bonanza for both Split Rock Partners and Medtronic?

Tornier IPO: Bonanza for both Split Rock Partners and Medtronic?

June 9, 2010 By MedCity News

MedCity News logo

By Thomas Lee

Medtronic Inc. (NYSE:MDT) hasn’t had much luck of late with orthopedics, particularly its spine business. But if Tornier Inc.’s planned $205 million IPO comes to fruition, the country’s largest medical device maker is looking at a huge pay day.

The Bakken Research Center in Maastricht, the Netherlands, home to Medtronic’s R&D operations in Europe, owns 2.8 million shares of Tornier stock, according to documents filed with the Securities and Exchange Commission. Also, in exchange for a $22 million loan in April 2009, Tornier granted BRC warrants to purchase 4.4 million shares at $5.66 each.

Split Rock Partners, an early stage venture capital firm in Eden Prairie, Minn., owns 271,920 shares. The firm’s $633, 213 loan netted it warrants to buy 126,413 shares at $5.66 each.

Tornier could be Split Rock’s second orthopedic coup in as many years. The company invested in Spine-Tech, which Sulzer Medica acquired for nearly $600 million in 1998, and now the spine division of Zimmer Medical, a major orthopedic company based in Warsaw, Indiana.

Until Tornier’s investment bankers establish a firm IPO price, we won’t know how much money is coming to Medtronic and Split Rock. But given Tornier’s target raise of $205 million, I think it’s safe to say it will be more than $5.66 a share.

Filed Under: Business/Financial News, Orthopedics Tagged With: Tissue Regeneration, Tornier Inc.

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