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NuVasive to acquire Ellipse Technologies
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NuVasive Inc. and Ellipse Technologies Inc. recently announced the boards of directors for both companies have unanimously approved a definitive agreement in which NuVasive will acquire Ellipse Technologies.
Under the deal, NuVasive will acquire Ellipse for a $380 million upfront cash payment and a potential $30 milestone payable in 2017 if all specific revenue targets are achieved, according to information in a press release from NuVasive.
Ellipse is the developer and marketer of a platform of magnetically adjustable implant systems based on its MAGnetic External Control technology. The implants reportedly are adjustable at the time of implantation and are distracted noninvasively during the course of treatment.
“NuVasive remains committed to adult deformity through our Integrated Global Alignment (iGA) platform, and the acquisition of Ellipse will aggressively insert NuVasive into early onset and idiopathic scoliosis, an important and attractive part of the spinal deformity market for NuVasive where we have tremendous opportunities for accelerated growth,” Gregory T. Lucier, chairman and chief executive officer of NuVasive, said in the press release.
The acquisition is expected to be completed by the end of February, 2016 and will be subject to customary closing conditions and regulatory approvals.
NuVasive expects to fund the acquisition with existing cash on hand, according to a press release.
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