Here are seven things to know:
1. Bacterin purchased X-spine’s outstanding common stock in exchange for around 4.24 million shares of Bacterin common stock and around $60 million in cash. The transaction is subject to customary working capital adjustments, including around $13 million extinguishment of X-spine debt.
2. Post-transaction, Bacterin will be a comprehensive supplier for spine surgery procedures offering both hardware and biologics through a more substantial national distribution footprint.
3. Bacterin has a stronger financial profile after acquiring X-spine, including more than $80 million of revenue and a positive EBITDA.
4. X-spine’s products have an emphasis on less invasive treatment for the degenerative spine and they complement Bacterin’s orthobiologics portfolio. Many of the X-spine procedures could use Bacterin’s orthobiologic material.
5. An amended and restated $42 million senior secured data facility with OrbiMed and $65 million of convertible senior notes will fund the transaction. William Blair & Company served as financial advisor to Bacterin for the transaction.
6. Bacterin will change its name to Xtant Medical Holdings post-transaction.
7. David Kirschman, MD, is the CEO of X-spine currently. He will join the Xtant Medical management team as executive vice president and chief scientific officer. He will also be the president of X-spine Systems, the company’s hardware subsidiary, and serve on the Xtant Medical board of directors.
More articles on orthopedic devices:
Integra LifeSciences shares up by 3.15%: 5 quick facts
Global MIS instruments market to reach $14B+ by 2019: 5 key trends
Japanese medical device company partners with Materialise for hip technology
At the Becker's 23rd Annual Spine, Orthopedic and Pain Management-Driven ASC + The Future of Spine Conference, taking place June 11-13 in Chicago, spine surgeons, orthopedic leaders and ASC executives will come together to explore minimally invasive techniques, ASC growth strategies and innovations shaping the future of outpatient spine care. Apply for complimentary registration now.
