Ireland-based medical devices manufacturer Medtronic has signed a definitive agreement to acquire Titan Spine, a privately-held titanium spine interbody implant and surface technology company.
Medronic said that the boards of directors at both companies have unanimously approved the transaction. However, transaction terms are not disclosed.
Titan Spine manufactures interbody implants, which are used as spacers, inserted between the vertebrae during spinal fusion surgery to help relieve pressure on nerves and hold the vertebrae in place while fusion occurs.
During fusions, the material and shape of implants play key role in the bone growth process, because of which there is a growing demand from surgeons for titanium interbody devices.
Medtronic Restorative Therapies spine division group senior vice president and president Jacob Paul said: “We’ve built the broadest Spine portfolio – implants, instruments, enabling technologies, and biologics – in order to provide complete procedural solutions for surgeons’ biggest challenges. Titan Spine has pioneered the spine implant surface technology category over the past several years.
“We feel that surface-enhanced titanium implants combined with our comprehensive biologics portfolio can have a positive impact on patient outcomes in spinal procedures.”
Medtronic is expected to strengthen its position in procedural solutions for spine surgery, through the acquisition of Titan Spine.
The acquisition includes Titan Spine’s complete portfolio, which consists of a comprehensive line of titanium, surface-enhanced interbody fusion devices.
Titan Spine CEO Peter Ullrich said: “Titan Spine is thrilled to enter into a definitive agreement with Medtronic, who have long been the leading organization within the spine industry. Combining Titan Spine’s groundbreaking nanoLock surface technology with Medtronic’s commercial strength will make a dramatic impact on the spine market, particularly for the improvement of patient outcomes.”
The transaction is subject to the satisfaction of customary closing conditions including receipt of regulatory clearances and is expected to be closed within the Medtronic’s first fiscal quarter ending 26 July 2019.
Headquartered in Mequon, Wisconsin, Titan Spine markets a full line of Endoskeleton interbody devices featuring its proprietary textured surface in the US, Europe, and Australia.