Bacterin International Holdings has agreed to acquire medical device manufacturer X-spine Systems, for around $60m.
Bacterin intends to acquire X-spine’s outstanding shares in exchange for around 4.24 million shares of the firm and about $60m in cash.
The acquired business will allow Bacterin to provide a wide range of orthopedic and spine surgical procedures.
Bacterin CEO Dan Goldberger said: "This transaction joins two strong and growing organizations and reinforces the strategic initiatives outlined earlier this year to expand our product offerings, strengthen customer relationships and expand our distribution capabilities.
"We are excited to leverage further our combined operating platform and exceptional talent to drive, significant and ongoing value for our stockholders. With the addition of X-spine, we will have a stronger financial profile with over $80m of revenue and positive EBITDA."
Based in Miamisburg of Ohio, X-spine produces multiple products to treat spinal disease. Its expertise in hardware offering will help Bacterin to focus more on orthopedic and spine surgical procedures.
The firm’s state-of-the art spinal implants and instrumentation will complement Bacterin’s orthobiologics portfolio and will help to provide less-invasive treatments for the degenerative spine.
X-spine Systems president and CEO Dr David Kirschman said: "We look forward to broadening our success through a combination with Bacterin and accessing their outstanding portfolio of regenerative medicine products."
Bacterin develops and markets products that are used in applications, including enhancing fusion in spine surgery, relief of back pain and promotion of bone growth in foot and ankle surgery, as well as other joint surgeries.
Image: Bacterin to purchase medical device manufacturer X-spine X-spine Systems. Photo: courtesy of adamr/ FreeDigitalPhotos.net.