Here are five key notes:
1. Ellipse originally filed an S-1 to raise $75 million through an IPO last fall. The company planned to use the proceeds to expand sales and marketing in addition to research and development initiatives for its MAGEC-EOS spinal bracing system and PRECICE limb lengthening system.
2. NuVasive acquired Ellipse Technologies in January for $380 million upfront in cash payments and potentially $30 million more payable in 2017 if the company reaches specific targets.
3. Piper Jaffray, William Blair and Canaccord were lead bookrunners in the IPO and Oppenheimer was the co-manager. The company had been listed on the NASDAQ Global Market under MGEC.
4. The NuVasive and Ellipse boards approved the transaction, which is expected to close later this month. When the transaction completes, Ellipse President and CEO Edmund J. Roschak will join NuVasive’s executive leadership team.
5. Goldman, Sachs & Co., is the exclusive financial advisor for NuVasive and Piper Jaffray is the exclusive financial advisor to Ellipse for the transaction.
More articles on orthopedic devices:
Declining prices cause financial issues for medical device companies: 5 insights
Smith & Nephew, Zimmer Biomet, Medovex & more: 20 key notes
Global non-fusion spinal device market to grow—3 points
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