Zimmer Biomet plans to acquire majority stake in MedTech, a France-based company focused on the ROSA Robotic System for brain and spine surgery, according to a Nasdaq report.
This news comes on the heels of other large acquisitions Zimmer Biomet has completed this year, including LDR and Cayenne Medical. This also deepens the company’s foray into robotic technology, just days after Medtronic boosted its investment in the Mazor Robotic Technology for spine surgery. Mazor and Medtronic released Mazor X last week.
Stryker has also jumped into robotics with the acquisition of MAKO Surgical in late 2013 for $1.6 billion and Smith & Nephew acquired Blue Belt Technologies’ Navio robotic system for orthopedic surgery last year.
Here are five things to know about Zimmer Biomet’s most recent acquisition:
1. Zimmer Biomet acquired 58.77 percent stake and plans a tender offer for the remainder of the company.
2. The company acquired stake from selling shareholders, which included the founder and chief executive Bertin Nahum. Mr. Nahum will now lead Zimmer Biomet’s robotic development activities following the deal’s close.
3. The selling shareholders sold at 50 euros per share in addition to 50.03 euros per share for convertible bonds, according to the report. The shares for warrants were 17.17 euros.
4. The ROSA system has regulatory approval in Europe and achieved FDA clearance in January 2016. At the nine months end on March 31, MedTech reported EUR7.1 million in revenue, nearly doubling the same quarter growth from last year.
5. There are 82 ROSA robots installed worldwide.