Orthofix Announces Agreement to Acquire FITBONE Limb Lengthening System (press release)
Orthofix Medical Inc. (NASDAQ:OFIX), a global medical device company focused on musculoskeletal healing products, today announced an asset purchase agreement with Wittenstein SE, a privately-held German-based company, to acquire assets associated with the FITBONE® intramedullary lengthening system for limb lengthening of the femur and tibia bones. Additionally, the transaction brings other potential applications of the technology, which are in preliminary development, including the FITSPINE® system for early onset scoliosis. Terms of the agreement include $18 million in cash closing consideration and a manufacturing supply contract with Wittenstein SE.
FITBONE intramedullary lengthening system for lengthening of the femur and tibia bones.
“Founded 40 years ago as an extremity fixation company, Orthofix has a long history of cutting-edge solutions to treat patients born with limb discrepancies,” said Orthofix President and Chief Executive Officer Jon Serbousek. “The addition of the FITBONE intramedullary lengthening system further rounds out our limb reconstruction offerings and is w...
