Synthes Inc. has agreed to acquire N Spine Inc., a San Diego-based maker of devices to treat lumbar spinal disorders using posterior dynamic stabilization. The deal includes a $30 million up-front cash payment, and up to $45 million in cash earn-outs. N Spine had raised around $8 million in VC funding from groups like Life Science Angels and Tech Coast Angels.
Synthes today announced that it has agreed to acquire N Spine, a privately held company based in
Among N Spine's product portfolio is a 6.0 mm diameter dynamic stabilization rod. Its revolutionary design allows minimal access techniques and helps to avoid interference with the facet joints. Additionally, it enables close placement of pedicle screws, which is important when used to treat the L5-S1 spinal segment or lumbar disorders in smaller patients.
An important benefit of the acquisition is the strategic fit of the companies' products. N Spine's 6.0 mm diameter rods are compatible with Synthes' Pangea and Click'X pedicle screws; systems which are distributed globally. The combined product is easy to use, surgeon friendly and enhances the range of choices available to surgeons and their patients. N Spine recently received FDA 510(k) clearance to use one of their rod designs with Synthes' Pangea and Click'X pedicle screws in lumbar fusion applications.
N Spine's products have been in clinical use in the
The acquisition price includes a US$ 30 million payment at closing, payments of up to US$ 45 million based upon the achievement of certain milestones and additional earn-out payments based on product sales.
“The acquisition of N Spine gives Synthes the opportunity to provide surgeons access to this innovative technology and deliver benefits to patients around the world”, says Synthes' President and CEO Michel Orsinger. “It will strengthen our position in the treatment of spinal disorders, expand our core pedicle screw business and add a platform for further product development in this field”.
Synthes will begin a controlled rollout of N Spine products upon closing, using its highly trained and educated direct sales force.
Sean Na, President and CEO of N Spine states: “With their global direct sales force and commitment to patient care and surgeon training, Synthes is the ideal company to realize the potential of our innovative technology.”
N Spine's organization and staff will remain in
Synthes: A leading medical device company
Synthes is a leading global medical device company. We develop, produce and market instruments, implants and biomaterials for the surgical fixation, correction and regeneration of the human skeleton and its soft tissues.
N Spine, Inc. is a privately held