Mazor X unveiling triggers another $20m from Medtronic (MassDevice)
Medtronic paid $20 million for a 3.4% stake in Mazor at $21.84 apiece, the trailing 20-day average for MZOR shares, the Caesarea, Israel-based company said. It’s part of a 2-stage deal struck with the world’s largest pure-play medtech maker back in May.
The 1st phase of the deal calls for Medtronic to acquire 15 Mazor systems in 2016 and makes Medtronic Mazor’s sole partner for developing and commercializing robot-assisted spine surgery devices.
The 2nd phase is a 3-step equity investment in Mazor; including the payment announced today, the 2nd step in the equity phase, Medtronic has spent $31.9 million acquiring a 7.27% stake in Mazor.
“Since signing the agreements in May our 2 organizations have been working closely to ensure a successful partnership,” CEO Ori Hadomi said in prepared remarks. “This investment by Medtronic reflects a key operating achievement – the unveiling of the Mazor X surgical assurance platform – and in just a few short weeks we have received many inquiries from new surgeons, as well as interest from our existing Renaissance user base. The feedback is overwhelmingly positive and we plan to l...
