Mazor Robotics inks $42m deal with Medtronic (MassDevice)
Mazor Robotics (NSDQ:MZOR) said today that it inked a 2-phase deal with Medtronic (NYSE:MDT) for its robot-assisted spine surgery technology that includes a co-promotion agreement and an equity investment that could see Medtronic wind up with a 15% stake in the Israeli company for as much as $42 million.
Caesarea, Israel-based Mazor said the 1st phase of the deal calls for Medtronic to acquire 15 Mazor systems this year. It also makes Medtronic Mazor’s sole partner for developing and commercializing robot-assisted spine surgery devices; if both meet their milestones by the end of 2017, the deal is slated to progress to the 2nd phase. Mazor said its already working with Fridley, Minn.-based Medtronic on the development of “synergistic” spine products “and will begin working closely together to meet designated sales targets through a defined methodology for cooperation.”
The 2nd phase involves a 3-step equity investment by Medtronic, in which the world’s largest pure-play medtech maker would 1st pay $12 million for a 4% stake in Mazor. The 2nd tranche, triggered by Mazor achieving operational milestones, would see Medtronic ac...
