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Strategic Initiatives

Orthofix Enters Agreement to Acquire Spinal Kinetics -

Orthofix entered into a definitive agreement to acquire Spinal Kinetics for US $45MM in cash plus up to $60MM in potential milestone payments. The transaction is expected to close in 2Q18. Additional milestone payments include $15MM upon FDA Premarket Approval of the M6-C cervical disc for single-level use, $15MM upon TTM revenue of $30MM worldwide and $30MM upon TTM revenue of $50MM worldwide. All milestones must be achieved within five years of closing. For 2017, Spinal Kinetics posted revenue of ~$15MM, all ex-U.S. Its portfolio comprises the M6-C and M6-L cervical and lumbar artificial discs to treat degenerative disease, which are currently CE Marked in the EU. Ex-U.S., the devices have been implanted >54,000 times since 2006 launch. The company has completed Restore, a single-level U.S. clinical trial comparing M6-C to ACDF in 258 patients. (Orthofix International N.V., 3/15/18)