Globus Medical announced the acquisition of Facet Solutions a leader in the development of total facet arthroplasty devices since 2003. The terms of the acquisition are undisclosed.
The leading product in Facet’s portfolio is Acadia, an unconstrained pedicle screw based total facet replacement system. Currently, Acadia is in an active FDA approved phase III Investigational Device Exemption (IDE) study for symptomatic spinal stenosis compared to a posterior spinal fusion control. “With Globus’ strong historical focus on posterior motion preservation and reputation for highly creative products, the acquisition of Facet supplements our posterior motion sparing technology platform with a product nearly half way through its pivotal clinical trial,” commented David Paul, chairman and CEO of Globus.
In 2009, Facet acquired certain assets of Archus Orthopaedics, including their intellectual property portfolio, which collectively resulted in over 100 patents and patent applications concentrated on posterior motion preservation technology. “Combined, this creates the strongest intellectual property portfolio in this segment and a platform product that will allow Globus to address a multitude of clinical indications and treatment scenarios in the future,” said Paul.
In addition to the current US IDE study, the Acadia device has seen limited release in the EU. “With the success of our expanding international sales efforts, the addition of the Acadia device will further differentiate Globus’ product portfolio and we intend to expand Acadia’s availability in select markets internationally immediately,” noted Dave Demski, president and COO of Globus.