Orthopedic surgery technology company NLT Spine, which has developed implants and instruments that are inserted straight into the body and deflect to form a predefined configuration upon reaching their destination, is to be acquired by US company SeaSpine Holdings Corporation (SPNE), which is traded on Nasdaq at a market cap of $117 million.
NLT Spine was founded in 2006 on the basis of research by Dr. Dr. Tzony Siegal. It is a graduate of the Incentive incubator in Ariel, and among its later investors are Accelmed and Peregrine Ventures, which is the franchisee of the Incentive incubator. $10 million have been invested in the company to date.
Under the deal, most of NLT Spine's assets will be transferred to SeaSpine. NLT Spine will receive an initial payment of $1 million and further payments in stock conditional upon meeting milestones, the first of which is close. Altogether, NLT Spine stands to receive $5 million in milestone payments and up to $43 million in royalties.
SeaSpine, which also deals in spine surgery technology, had revenue of $64.6 million in the first half of this year and posted a loss of $23.9 million. It has $45 million in cash.
NLT president and CEO Didier Toubia said, “We see SeaSpine as the ideal group to bring to market and drive adoption of our innovative interbody spine solutions, which we believe will benefit patients and our shareholders, now and in the longer-term.”
Published by Globes [online], Israel business news - www.globes-online.com - on August 21, 2016
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