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Home Industry News Medtronic to acquire Kyphon

Medtronic to acquire Kyphon

30th July 2007

Medtronic has signed an agreement with Kyphon to acquire the firm for $3.9 billion (1.9 billion pounds), with the company acquiring each share in the company for $71 in cash.

The merger agreement has been approved unanimously by the boards of directors of both Medtronic and Kyphon, with the sum offered representing a 32 per cent premium over the closing price of shares in Kyphon at the close of trading on July 26th 2007.

As a result of this transaction, Medtronic will continue to serve surgeons in the orthopaedic and neurological field specialising in spinal surgery, while it will also acquire customers involved in interventional radiology and neuroadiology.

Chairman and chief executive officer of Medtronic Art Collins said: “We expect our combination with Kyphon to help accelerate the growth of Medtronic’s existing spinal business by extending our product offerings into some of the fastest growing product segments and enabling us to provide physicians with a broader range of therapies for use at all stages of the care continuum.”

He added that the merger will widen access to minimally invasive spinal treatments earlier on in care for patients of all age, offering more life-style friendly surgery options than those available through the use of standard instruments.

Earlier this year, financial analysts speculated that Medtronic could be involved in a billion-dollar merger with Zimmer during 2007 which could result in the establishment of the largest global orthopaedic medical device company.

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