Stryker acquired a majority of share capital and voting rights of Vexim, a medical device company focused on minimally invasive vertebral fracture treatment, for approximately $97.1 million.
Here are five insights:
1. On Oct. 24, Stryker acquired more than 4.1 million Vexim shares, which is 50.7 percent of share capital and represents 50.3 percent of company voting rights.
2. Stryker also purchased 170,745 listed warrants, 37.1 percent of Vexim's outstanding warrants and/or acquisitions, for just over $1.96 million.
3. On Oct. 25, Stryker will file a simplified all cash tender offer for all Vexim shares and warrants and/or acquisitions the company does not already own. The remaining shares will be purchased at the same prices as paid for the initial acquisition.
4. Stryker will take over Vexim's SpineJack FDA trial. SpineJack is designed to restore a fractures vertebra to its original shape, restore the spinal column's desired anatomy and remove pain from the patient. Vexim predicts a U.S. 510(k) filing in 2018.
5. Vexim specializes in the development and marketing of minimally invasive solutions for treating traumatic spinal pathologies. In addition to creating SpineJack, Vexim developed Masterflow, a solution for mixing and injecting orthopedic cement.