The Trendlines Group’s Orthospin company will be acquired by Synthes, part of Johnson & Johnson’s Orthopedics unit DePuy Synthes, for a total cash consideration of $79.5m.
Upon completion of the deal, Trendlines will receive net proceeds of $15.8m for its 26.9% stake in OrthoSpin.
OrthoSpin has developed the AutoStrut G2 System, a robotic orthopaedic device for external circular fixation treatments.
The automated, digitally-enabled strut system received clearance from the US Food and Drug Administration (FDA) in January. It is used in setting complex fractures, correcting limb deformities and bone lengthening procedures.
It converts the traditional manual external fixation system with the help of an automatic process that complies with a treatment plan created by the external fixation software.
The user-friendly device eliminates the need for the patient to manually adjust the six struts up to 1,440 times throughout the bone deformity process.
The AutoStrut G2 System’s automatic process also prevents common adjustment errors, which could lead to delays and failure in treatment in extreme situations.
OrthoSpin CEO Oren Cohen said: “I am delighted to announce this news. I’m extremely proud of the team that succeeded in meeting critical and complex tasks during a worldwide pandemic and wish to thank all our partners who supported us throughout the journey.
“I look forward to continuing our journey with DePuy Synthes to bring a real revolution to the hexapod bone deformity market.”
The company has also completed initial clinical cases in Israel and the US.
Trendlines will report a gain of $9.2m for the financial year, ending 31 December, from the acquisition.