ApiFix’s FDA and CE Mark approved less invasive non-fusion surgical system for treating progressive adolescent idiopathic scoliosis to enter broad distribution.
The Trendlines Group Ltd. (“Trendlines” or the “Company”) is pleased to announce the 100% acquisition of portfolio company ApiFix Ltd. (“ApiFix”), a company focused on non-fusion treatment of progressive adolescent idiopathic scoliosis, by Nasdaq-traded OrthoPediatrics Corp (“OrthoPediatrics”), a company focused exclusively on advancing the field of pediatric orthopaedics (the “Acquisition”). The Acquisition was signed and closed on 1 April 2020; Trendlines held 18.62% of ApiFix at closing.
ApiFix shareholders are to receive an aggregate of 934,783 new common shares of OrthoPediatrics stock (NASDAQ: KIDS) and US$2 million at closing, plus guaranteed milestone payments (in the form of cash and OrthoPediatrics shares) and an earnout over a period of four years. The Company is entitled to its proportionate share of the consideration for the Acquisition based on its 18.62% interest in ApiFix at closing. The Company will provide further updates as and when it receives its proportionate share of the milestone payments and/or earnout payments.
The exit by Trendlines from its direct shareholdings of ApiFix pursuant to the Acquisition had contributed positively to the consolidated earnings per share and net assets per share of the Group for the financial year ended 31 December 20191 (“FY2019”). For the financial year ending 31 December 2020, Trendlines’ ApiFix holdings (part of “Investments in Portfolio Companies” balance sheet item) will be converted into cash, short- and long-term receivables, and short- and long-term investments.
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Source: Biospace
