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Orthopedic and Dental Industry News Complete Archive »

Musculoskeletal News Roundup 18-June-14 BY MATTHEW JAFFE, JUNE 18, 2014

M&A
Medtronic announced that they have entered a definitive agreement to acquire Covidien in a total cash and stock transaction of $42.9 billion. Under the terms of the transaction, for each share held, a Covidien shareholder will receive $35.19 in cash and 0.956 of a new share of Medtronic. This values Covidien at $93.22 per share, which is a 29% premium to Covidien's closing price before the announcement of $72.02, and represents a valuation of 4.2x LTM revenue and 15.4x LTM EBITDA. Under the terms of the transaction, current Medtronic shareholders will own 70% of the new company and Covidien shareholders will own 30% on a fully diluted basis.

Funding
Benvenue Medical announced they had secured $64 million in financing in a combination of $40 million equity and $24 million debt. The company plans to use the proceeds to "build its U.S. commercial presence, scale up manufacturing, increase administrative functions to support overall corporate growth and provide working capital to fund growth in operating activities."

Regulatory
OrthAlign, Inc. received 510(k) clearance to market its OrthAlign Plus system. The palm sized, single use device provides computer assisted surgery (CAS) for cup placement, leg length and offset during a total hip arthroplasty and tibial and femoral CAS for a total knee arthoplasty. The KneeAlign product has been used it over 17,500 surgeries and will be integrted into the OrthAlign Plus system, which should become commerically available around 4Q:14.

Expanding Orthopedics Inc announced they have been granted a Chinese patent for their XPED system of expanding pedicle screws, which can be used for enhanced anchoring in low quality, aging bone, and the related instrumentation. This is the sixth granted Chinese patent for the company.

Product Introduction & Update
Acumed released its Total Wrist Fusion Plating system, which offers plates specifically designed to be placed on the second and third metacarpals. The plates are offered in two sizes, can be left, right or neutral, and they are smoothed dorsally with screws entering from the side to minimize soft tissue irritation. The system's primary indication for use is post-traumatic arthritis of the wrist.

Wright Medical Group launched its INFINITY Total Ankle Replacement (TAR) system in the U.S. The Infinity TAR features a low-profile implant design and is compatible with Inbone II talar components, allowing a continuum of care for Wright Medical TAR products.

Aastrom Biosciences announced their strategic plan for the businesses acquired earlier this month. The company plans to discontinue manufacturing of MACI (matrix-induced autologous chondrocyte implant) in Denmark, sell the Danish manufacturing facility, cease European sales of MACI, reduce R&D expenses and exclusively manufacture commercial products in the U.S. facility. Additionally, the Company is optimizing manufacturing and commercial operations in the U.S. By implementing these strategies, Aastrom expects to generate positive cash flow from the U.S. Carticel and Epicel businesses starting in 2015.

Clinical
SpinalCyte, who focuses on autologous regrowth of the spinal disc nucleus, announced they will conduct final animal trials with Howard An, M.D. at Rush University Medical Center. The trial will last 10 months and are hoped to provide additional scientific validation prior to human studies.

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