Plus   Neg

Medtronic To Acquire Privately-held Titan Spine For Undisclosed Terms

Medtronic plc (MDT), an Irish medical technology company, announced Thursday that it has entered into a definitive agreement to acquire Titan Spine, a privately-held titanium spine interbody implant and surface technology company. The terms of the deal were not disclosed.

The boards of directors of both companies have unanimously approved the deal, which is expected to close during Medtronic's first fiscal quarter ending July 26.

The transaction is subject to customary closing conditions including receipt of regulatory clearances.

Medtronic said the deal would be immaterial to its fiscal 2020 adjusted earnings per share and would meet the company's long-term financial metrics for acquisitions.

In the deal, Medtronic will acquire Titan Spine's complete portfolio, which consists of a comprehensive line of titanium, surface-enhanced interbody fusion devices. Interbody implants are spacers that can be inserted between the vertebrae during spinal fusion surgery. It helps to relieve pressure on nerves and hold the vertebrae in place while fusion occurs.

Medtronic expects the acquisition to strengthen its position in the field of procedural solutions for spine surgery.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT