Medical technology firm Medtronic has agreed to acquire Medicrea, a provider of advanced technologies related to spinal surgery.
Both firms have signed a tender offer agreement to acquire all outstanding shares of Medicrea, which offers artificial intelligence, predictive modeling, and patient-specific implants to better conduct the spinal surgery
The friendly voluntary all-cash tender offer is said to be at a price of €7.00 per Medicrea share.
Medicrea founder, chairman and CEO Denys Sournac said: “Spine surgery is one of the more complex procedures in healthcare because of the high number of different parameters to take into consideration. It is impossible for the human brain to compute all of them for one single patient.”
Medicrea is engaged in the designing, integrated manufacturing, and supplying of over 30 FDA 510(k) cleared implant technologies.
Medicrea’s product portfolio is comprised of MEDICREA UNiD ASI (adaptive spine intelligence), which will facilitate surgeon workflow in pre-operative planning and create personalised implant solutions for surgery.
The Medicrea solution is supported by predictive modeling and advanced algorithms, which measure and digitally reconstruct the spine to its optimal profile.
Medicrea offers of 3D-printed titanium patient-specific implants
With 175 employees across the world, the small and medium-sized enterprise (SME) operates a modern manufacturing facility in Lyon of France.
The facility is mainly focused on the development and production of 3D-printed titanium patient-specific implants.
Subject to regulatory and other clearances and satisfaction of other closing conditions, the deal is expected to be completed by the end of this year.
Medtronic restorative therapies group’s cranial and spinal president and senior vice president Jacob Paul said: “Combining Medtronic’s innovative portfolio of spine implants, robotics, navigation, and 3D imaging technology with Medicrea’s capabilities and solutions in data analytics, artificial intelligence and personalized implants, would enhance Medtronic’s fully-integrated procedural solution for surgical planning and delivery.”
BofA Securities and Société Générale are serving as financial advisors to Medtronic, while DLA Piper is acting as legal advisor. . Cowen is serving as financial advisor to Medicrea, while Baker McKenzie is acting as legal advisor.
In June, Medtronic signed an agreement with Blackstone to secure $337m funding to increase the research and development (R&D) funding available to its diabetes group.
