Medtronic has concluded its previously announced acquisition of US-based surface technology company Titan Spine for an undisclosed sum.
With headquarters in Dublin, Ireland, Medtronic signed a definitive agreement to acquire Titan Spine in May this year.
In the same month, Medtronic and Royal Philips formed an alliance to develop an image-guided treatment of paroxysmal atrial fibrillation, a type of heart rhythm disorder.
With the acquisition of Titan Spine, Medtronic said it will be able to strengthen its position as an innovator in procedural solutions for spine surgery.
The acquisition also accelerates the company’s strategy to transform spinal procedures and improve outcomes through complete procedural solutions.
Following the acquisition, Titan Spine will join Medtronic’s Spine division, which is part of the Restorative Therapies Group.
Medtronic Spine division president Jacob Paul said: “With today’s announcement, we bring our two companies together in order to provide best-in-class solutions for spine surgeons’ biggest challenges.
“The acquisition of Titan Spine builds on an exciting phase of innovation and growth at Medtronic over the last year including the acquisition of Mazor Robotics, the launch of Mazor X Stealth Edition, and the launch of the Infinity Spinal System, cementing our leadership and offering customers the most comprehensive portfolio in the Spine industry.”
With the addition of Titan Spine’s product portfolio to its existing spine technologies, the company will expand opportunities to bundle interbodies, screws, rods and biologics.
The transaction is expected to meet Medtronic’s long-term financial metrics for acquisitions.
Titan Spine’s product portfolio consists of a complete range of Endoskeleton interbody fusion devices featuring its nanoLOCK or surface technologies.