Zimmer Biomet (ZBH) announced its plans to acquire Medtech, provider of surgical systems including the ROSA™ Spine robotic-assistive device for minimally invasive surgery.
ZBH acquired 1.4MM Medtech shares, representing 58.77% of the outstanding share capital from selling stockholders in a private transaction, as well as all outstanding convertible bonds and warrants previously issued by Medtech. Shares were acquired for €50.00 each, convertible bonds at €50.03 each and warrants at €17.17 each (~US $55.3, $55.3 and $19.0, respectively). ZBH will shortly launch an all-cash simplified tender offer to acquire remaining outstanding shares of Medtech for the same price per share.
ZBH intends to continue operations at Medtech's headquarters in Montpellier, France, as a center of excellence for robotic development activities. Bertin Nahum, current Medtech CEO, is intended to remain at the helm.
Founded in 2002, Medtech has developed ROSA for use in spine and cranial procedures requiring surgical planning with pre-op data, patient registration and precise positioning and handling of instruments.
In 2Q16, Medtech announced that 100 spinal surgeries have been successfully performed with the ROSA. The system received CE Mark approval in 2014 and FDA 510(k) clearance in 1Q16.
Other companies active in the spine/robotics space include:
- Globus Medical: Acquired Excelsius Surgical in 1Q14 and plans to launch products within 2016
- KB Medical: In late 2Q16, announced approval under the CE Mark for its AQrate™ Robotic Assistance system, indicated for use in general spinal surgery; pursuing FDA clearance of AQrate, as well as strategic partnerships to integrate imaging, navigation, instruments and implants
- Mazor Robotics: In mid-2Q16, entered into commercial and investment agreements with Medtronic; also debuted the Mazor X guidance platform for spine surgery (MDT placed an order for 15 units)
Today's announcement includes no indication of ZBH's intentions for ROSA's cranial application. While ZBH presently offers computer-assisted technologies for surgeon use with its hip and knee reconstruction systems, the company has not previously offered surgical robotics.
Sources: Zimmer Biomet Inc. (Form 8-K), ORTHOWORLD Inc., Medtech.fr