Last updated on June 24th, 2019 at 03:40 pm
Mequon-based Titan Spine LLC has agreed to be acquired by Dublin, Ireland-based Medtronic plc, Medtronic announced.
Both companies’ boards have approved the acquisition, the terms of which were not disclosed. Medtronic would acquire all of Titan Spine’s products to enhance its line of spinal surgical procedural solutions.
Titan Spine makes interbody titanium spinal fusion devices with a proprietary nanoLOCK surface that encourages bone growth. Launched in 2006, the company has since created a sea change in its industry vertical. From 2008 to 2018, Titan Spine grew at a rate of more than 40 percent per year. More than 70,000 of its devices were implanted, it had more than 50 patents and the company had grown to $63 million in revenue as of 2018. BizTimes chronicled the company’s growth and its plans for a potential acquisition or public offering in a 2018 cover story.
With more than 86,000 employees and customers in more than 150 countries, Medtronic is one of the largest medical technology, services and solutions companies in the world.
Medtronic expects the acquisition to close in its first fiscal quarter, ending July 26. It is not expected to have a material impact on its fiscal 2020 adjusted earnings per share.
Titan Spine would be integrated with Medtronic’s Spine division. The company does not plan to make any changes to Titan Spine’s Mequon operations, said Sara Thatcher, a Medtronic spokeswoman. It’s too soon to say what will happen with the Titan Spine branding, she said.
Medtronic’s Spine division, part of the larger Restorative Therapies Group, encompasses implants, instruments, enabling technologies and biologics, said Jacob Paul, division president, in a statement. It has about 1,400 employees, most of whom are based in Memphis, Tennessee, where it has a major distribution facility, Thatcher said.
“Titan Spine has pioneered the spine implant surface technology category over the past several years,” Paul said. “We feel that surface-enhanced titanium implants combined with our comprehensive biologics portfolio can have a positive impact on patient outcomes in spinal procedures.”
“Combining Titan Spine’s groundbreaking nanoLock surface technology with Medtronic’s commercial strength will make a dramatic impact on the spine market, particularly for the improvement of patient outcomes,” said Dr. Peter Ullrich, chief executive officer of Titan Spine, in a statement.