TransEnterix (NYSE:TRXC) has completed its acquisition of all assets, including intellectual property assets of Medical Surgery Technologies (Yokneam, Israel).
The terms of the agreement state that the acquisition price will be paid in two tranches. TransEnterix paid $5.8 million to MST and in return received 3.15 million shares of the company’s common stock. One year after the closing date, TransEnterix has agreed to pay an additional $6.6 million, which will be payable in cash, stock or cash and stock.
TransEnterix and MST have also entered a Lock-Up Agreement that restricts MST from transferring the Securities Consideration for up to 18 months after the closing date. A Registration Rights Agreement also states that TransEnterix committed to register the Securities Consideration for resale once the lock-up period is over.
TransEnterix announced on Sept. 23 that it agreed to acquire Medical Surgery Technologies and its surgery planning technology.
