Medtronic has entered into a tender offer agreement for the acquisition of all outstanding shares of Medicrea, a developer of artificial intelligence software, predictive modelling and patient specific implants for spinal surgery.
The friendly voluntary all-cash tender offer will be at a price of €7.00 per share, and has been unanimously approved by the boards of directors of both companies. This acquisition would strengthen Medtronic’s position as a global innovator in enabling technologies and solutions for spinal surgery the companies said in a press statement announcing the acquisition.
“Combining Medtronic’s innovative portfolio of spine implants, robotics, navigation, and 3D imaging technology with Medicrea’s capabilities and solutions in data analytics, artificial intelligence and personalised implants, would enhance Medtronic’s fully-integrated procedural solution for surgical planning and delivery. This marks another important step in furthering our commitment to improving outcomes in spine care,” said Jacob Paul, senior vice president and president of the Cranial & Spinal Technologies division, which is part of the Restorative Therapies Group at Medtronic. “Medtronic will become the first company to be able to offer an integrated solution including artificial intelligence driven surgical planning, personalised spinal implants and robotic assisted surgical delivery, which will significantly benefit our customers and their patients.”
Medicrea’s product portfolio includes UNiD ASI (Adaptive Spine Intelligence) designed to support surgeon workflow in pre-operative planning and create personalised implant solutions for surgery.
“Spine surgery is one of the more complex procedures in healthcare because of the high number of different parameters to take into consideration. It is impossible for the human brain to compute all of them for one single patient,” said Denys Sournac, founder, chairman and CEO of Medicrea. “The medical world has been waiting for the arrival of customisation in spinal surgery. With scientific progress in understanding sagittal balance and spinal injury, combined with the advent of new digital technologies, it is now possible to offer spinal patients entirely customised implants. We are thrilled to be joining forces with Medtronic because we share a similar mission to restore the long-term quality of life for patients. Now, together, we can help more patients in more places benefit from consistently high-quality surgical care.”
Assuming receipt of regulatory and other clearances and satisfaction of other closing conditions, the acquisition is expected to close by the end of calendar year 2020.