Medtronic plans to buy privately owned Titan Spine for an undisclosed sum, according to a May 9 news release.
Four things to know:
1. The boards of Titan Spine, a titanium spine interbody implant and surface developer, and Medtronic have both approved the transaction.
2. The acquisition will strengthen Medtronic's position in the spine market. Titan Spine's portfolio includes a comprehensive line of titanium devices as well as the nanoLOCK® surface technology.
3. Medtronic expects to close the transaction before July 26, which falls within the first quarter of fiscal year 2020. The company expects this transaction to not affect its fiscal 2020 adjusted earnings per share.
4. The transaction is still subject to customary closing conditions and regulatory clearances.
"Titan Spine has pioneered the spine implant surface technology category over the past several years," said Jacob Paul, senior vice president and president of the spine division, which is part of the Restorative Therapies Group at Medtronic. "We feel that surface-enhanced titanium implants combined with our comprehensive biologics portfolio can have a positive impact on patient outcomes in spine procedures."