RTI Surgical said yesterday that its shareholders approved its approximately $300 million acquisition of Paradigm Spine and its Coflex lumbar stenosis device.
Alachua, Fla.-based RTI Surgical said that it expects the acquisition to close today.
“We are pleased RTI’s shareholders have given their strong support for our acquisition of Paradigm Spine. With shareholder approval secured, we look forward to closing the acquisition and strengthening our spine portfolio with the addition of the coflex Interlaminar Stabilization device. Coflex is a differentiated and minimally invasive motion preserving stabilization implant that is FDA PMA-approved for the treatment of moderate to severe lumbar spinal stenosis in conjunction with decompression. This milestone represents another advance in RTI’s strategic transformation to reduce complexity, drive operational excellence and accelerate growth,” RTI Surgical prez & CEO Camille Farhat said in a press release.
The cash-and-stock deal, originally announced last November, called for RTI to pay $100 million in cash and more than 10.7 million shares of its own stock worth $50 million, with the $150 million balance pegged to unspecified milestones in cash and stock.
New York City-based Paradigm’s Coflex device won pre-market approval from the FDA in 2012.
Date: March 11, 2019