SeaSpine Holdings has signed an agreement to acquire Israel-based medical device company, NLT Spine.
Under the deal, the company will purchase all the assets of NLT Spine, which is engaged in the development of novel spinal products for minimally invasive surgery (MIS).
SeaSpine said that it plans to pay up to $1.7m in this year for acquisition considerations, transaction costs and transition services fees.
NLT’s platforms comprise of vertical, lordotic and footprint expanding interbody technologies for use in lumbar fusion procedures to treat degenerative spinal conditions.
The company produces FDA-cleared Prow Fusion, a segmented TLIF interbody fusion device that automatically turns into the disc space upon insertion to offer a larger footprint.
It also manufactures Prow Fusion-V interbody fusion device that offers either vertical expansion or lordotic expansion, as well as Prow FUSION-L lateral interbody fusion device that features an expanding anterior/posterior footprint.
SeaSpine president and CEO Keith Valentine said: “This transaction strengthens our future product offerings and broadens our growing portfolio of differentiated interbody solutions, one of the fastest growing market segments within spine, while demonstrating to distributors and the surgeon community our commitment to innovation, including through strategic acquisitions.
“The deal structure allows us to acquire differentiated assets with modest upfront investment, while deferring the majority of consideration to sales-based payments and commercially-based milestones.”
NLT president and CEO Didier Toubia said: “We’re pleased to add our line of products and technologies to SeaSpine’s comprehensive suite of offerings in the spine intervention market.”
SeaSpine produces orthobiologics and spinal hardware solutions for different combinations of products, helping neurosurgeons and orthopedic spine surgeons to carry out procedures on the lumbar, thoracic and cervical spine.