Bacterin to acquire outstanding stock of X-Spine for $60m

27 July 2015 (Last Updated July 27th, 2015 18:30)

Bacterin International has announced plans to acquire US-based medical device manufacturer X-Spine Systems for $60m.

Bacterin International has announced plans to acquire US-based medical device manufacturer X-Spine Systems for $60m.

Bacterin will acquire X-Spine's outstanding shares in exchange for 4.24 million shares of the firm and $60m in cash.

The transaction combines Bacterin's strength in orthobiologics with X-Spine's expertise in hardware to offer complementary product lines focused on orthopaedic and spine surgical procedures.

"This transaction will increase the scope of our organisation with a new, diversified portfolio of products focused on the orthopaedic and spine markets."

Bacterin CEO Dan Goldberger said: "This transaction joins two strong and growing organisations and reinforces the strategic initiatives outlined earlier this year to expand our product offerings, strengthen customer relationships and expand our distribution capabilities.

"We are excited to leverage further our combined operating platform and exceptional talent to drive, significant and ongoing value for our stockholders.

"With the addition of X-Spine, we will have a stronger financial profile with over $80m of revenue and positive EBITDA."

Headquartered in Miamisburg, Ohio, X-Spine produces multiple products for the treatment of spinal disease.

The firm's state-of-the art spinal implants and instrumentation will complement Bacterin's orthobiologics portfolio and will help to provide less-invasive treatments for the degenerative spine.

X-Spine Systems CEO Dr David Kirschman said: "This transaction will increase the scope of our organisation with a new, diversified portfolio of products focused on the orthopaedic and spine markets.

"Furthermore, we will be able to offer those diversified products to our established customer base, representing an accessible revenue growth opportunity for the combined business."

Concurrent with the closing, Bacterin will change its name to Xtant Medical, and Kirschman will join the management team and serve as executive vice-president and chief scientific officer.