Medtronic Enters Into Definitive Agreement to Acquire Titan Spine

Medtronic plc (MDT), a global leader in medical technology, today announced that it has entered into a definitive agreement pursuant to which it will acquire Titan Spine, a privately-held titanium spine interbody implant and surface technology company. The boards of directors of both companies have unanimously approved the transaction. Terms of the transaction are not being disclosed.

Interbody implants are spacers that can be inserted between the vertebrae during spinal fusion surgery to help relieve pressure on nerves and hold the vertebrae in place while fusion occurs. Implant material and shape is thought to play a role in the bone growth process during fusions, and today there is a growing demand from surgeons for titanium interbody devices.

"We've built the broadest Spine portfolio - implants, instruments, enabling technologies, and biologics - in order to provide complete procedural solutions for surgeons' biggest challenges," said Jacob Paul, senior vice president and president of the Spine division, which is part of the Restorative Therapies Group at Medtronic. "Titan Spine has pioneered the spine implant surface technology category over the past several years. We feel that surface-enhanced titanium implants combined with our comprehensive biologics portfolio can have a positive impact on patient outcomes in spinal procedures."

Medtronic's acquisition of Titan Spine strengthens Medtronic's position as a leading innovator in procedural solutions for spine surgery. In bringing the two companies together, Medtronic will acquire Titan Spine`s complete portfolio, which consists of a comprehensive line of titanium, surface-enhanced interbody fusion devices.

"Titan Spine is thrilled to enter into a definitive agreement with Medtronic, who have long been the leading organization within the spine industry," said Peter Ullrich, M.D., CEO of Titan Spine. "Combining Titan Spine's groundbreaking nanoLock® surface technology with Medtronic`s commercial strength will make a dramatic impact on the spine market, particularly for the improvement of patient outcomes."

Financial Highlights
The acquisition is expected to close during Medtronic's first fiscal quarter ending July 26, 2019, subject to the satisfaction of customary closing conditions including receipt of regulatory clearances. The transaction is expected to be immaterial to Medtronic's fiscal 2020 adjusted earnings per share and is expected to meet Medtronic's long-term financial metrics for acquisitions.

For more information, visit www.titanspine.com.