Medtech player Medtronic has announced it will acquire Titan Spine, a privately-held titanium spine interbody implant and surface technology company.
The boards of directors of both companies have unanimously approved the transaction. Terms of the transaction are not being disclosed and is expected to completed during Medtronic’s first fiscal quarter ending 26 July 2019.
Interbody implants are spacers that can be inserted between the vertebrae during spinal fusion surgery to help relieve pressure on nerves and hold the vertebrae in place while fusion occurs. Implant material and shape is thought to play a role in the bone growth process during fusions, and today there is a growing demand from surgeons for titanium interbody devices.
Jacob Paul, senior vice president and president of the Spine division, which is part of the Restorative Therapies Group at Medtronic, said: "We've built the broadest Spine portfolio - implants, instruments, enabling technologies, and biologics - in order to provide complete procedural solutions for surgeons' biggest challenges. Titan Spine has pioneered the spine implant surface technology category over the past several years. We feel that surface-enhanced titanium implants combined with our comprehensive biologics portfolio can have a positive impact on patient outcomes in spinal procedures."
In bringing the two companies together, Medtronic will acquire Titan Spine's complete portfolio, which consists of a comprehensive line of titanium, surface-enhanced interbody fusion devices.
Peter Ullrich, CEO of Titan Spine, said: "Titan Spine is thrilled to enter into a definitive agreement with Medtronic, who have long been the leading organisation within the spine industry. Combining Titan Spine's groundbreaking nanoLock surface technology with Medtronic's commercial strength will make a dramatic impact on the spine market, particularly for the improvement of patient outcomes."