Medical technology giant Medtronic has signed a definitive agreement to acquire US-based surface technology company Titan Spine for an undisclosed amount.
Titan Spine is engaged in the design and manufacture of interbody fusion devices for the spine.
Interbody implants are designed for insertion between the vertebrae during spinal fusion surgery in order to help relieve pressure on nerves and keep the vertebrae in place while fusion occurs.
Titan Spine’s product portfolio comprises a complete range of Endoskeleton interbody fusion devices featuring its nanoLOCK or surface technologies.
According to Titan Spine, its surface technologies promote significantly greater bone growth factors required for fusion compared to other standard interbody fusion device materials.
nanoLOCK micro and nano-scaled features are present on internal, as well as external surfaces to allow the potential for bone growth throughout the implant.
The acquisition is in line with Medtronic’s strategy to better cater to the spinal procedures market, and facilitate better outcomes via complete procedural solutions.
Medtronic Restorative Therapies Group Spine division senior vice-president and president Jacob Paul 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.”
Titan Spine expects the combination of its nanoLock surface technology with Medtronic’s commercial footprint to provide enhanced access in the spine market, while improving patient outcomes.
Subject to customary closing conditions and regulatory clearances, the deal is expected to complete by the end of July.
The boards of directors of both the parties have approved the acquisition.