Medicrea is engaged in designing, integrated manufacturing and distribution of implant technologies for use in spinal surgeries
Medtronic has agreed to acquire France-based medical technology company Medicrea in an all shares deal, priced at €7 ($7.98) per share.
Medicrea is engaged in designing, integrated manufacturing and distribution of implant technologies for use in spinal surgeries.
The company has a modern manufacturing facility in Lyon, France that facilitates the development and production of 3D-printed titanium patient-specific implants.
The company is said to leverage its software analysis tools, big data and machine learning technologies, artificial intelligence, predictive modelling capabilities and patient-specific implants to enhance spinal care, reduce procedural complications and time spent in the operating room.
Medicrea offers a product portfolio that includes MEDICREA UNiD ASI (Adaptive Spine Intelligence), designed to support surgeon workflow in pre-operative planning and create personalised implant solutions for surgery.
Medicrea founder, chairman and CEO Denys Sournac said: “We are thrilled to be joining forces with Medtronic because we share a similar mission to restore the long-term quality of life for patients. Now, together, we can help more patients in more places benefit from consistently high-quality surgical care.”
Acquisition of Medicrea would strengthen Medtronic’s spine surgery capabilities
Medtronic’s tender offer would target all the outstanding shares of Medicrea along with the shares to be issued upon exercise of the warrants. The company has signed agreements with Medicrea shareholders totalling approximatively 44.4% of its current outstanding share capital.
The transaction is expected to be completed, subject to customary closing conditions, including regulatory approval from the French Markets Authority (AMF), applicable foreign investment approval in France, and applicable merger control approval in the US.
Medtronic said that the proposed acquisition is expected to strengthen its capabilities in enabling technologies and solutions for spine surgery.
For the transaction, BofA Securities and Société Générale served as financial advisors and DLA Piper served as legal advisor to Medtronic, while Cowen served as a financial advisor, and Baker McKenzie as legal advisor to Medicrea.
Medtronic cranial and spinal technologies division senior vice president and president Jacob Paul said: “Combining Medtronic’s innovative portfolio of spine implants, robotics, navigation, and 3D imaging technology with Medicrea’s capabilities and solutions in data analytics, artificial intelligence and personalised implants, would enhance Medtronic’s fully-integrated procedural solution for surgical planning and delivery.
“Medtronic will become the first company to be able to offer an integrated solution including artificial intelligence-driven surgical planning, personalised spinal implants and robotic-assisted surgical delivery, which will significantly benefit our customers and their patients.”