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Stryker to acquire control of Vexim

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Stryker Corporation announced in a press release that it has acquired control of Vexim, a French medical device company that specializes in the development and sale of vertebral compression fracture solutions. Vexim’s flagship product is the SpineJack system, a mechanical expandable vertebral compression fracture implant for fracture reduction and stabilization.

According to the press release, the Vexim portfolio complements the interventional spine business of Stryker’s Instruments division, which has a portfolio of solutions for vertebral augmentation, vertebroplasty and radiofrequency ablation procedures, as well as diagnostic tools and decompression treatment advances for contained disc herniations.

In 2016, Vexim had sales of 18.5 million euros, which was 33% growth over 2015 revenue. The SpineJack product will be sold in the U.S. upon receiving 510(k) clearance, which Vexim is expected to file for in 2018. Vexim has a direct sales force in Europe and now sells in France, Germany, Spain and Italy. It has an international distribution network in selected countries in Eastern Europe, Middle East, Latin America and Asia, according to the release.

Stryker indirectly acquired securities held by certain Vexim shareholders (Truffle Capital, Bpifrance Participations and Kreaxi) and managers (Vincent Gardès and José Da Gloria) of Vexim representing in the aggregate 50.7% of the share capital and 50.3% of the voting rights of the company, and 37.1% of the outstanding BSAAR warrants. Stryker paid 20 euros per share and 3.91 euros per BSAAR warrant, a price that represents an aggregated equity value of Vexim on a fully diluted basis of approximately 183 million euros, which corresponds to an enterprise value of approximately 162 million euros, according to the release.

In accordance with French tender offer laws and regulations, Stryker will file a simplified cash public offer to purchase all remaining Vexim shares and BSAAR warrants (the “Offer”), which will be filed on October 25, 2017 with the French stock market authority (the “AMF”) at the same prices per share and per BSAAR warrant as the prices paid for the controlling blocks, and will be subject to the AMF’s clearance.

The transaction is expected to close in the fourth quarter of 2017 and is expected to be neutral to Stryker’s 2017 adjusted net earnings per diluted share, according to the press release.

Reference:

www.stryker.com