Titan Spine, a spinal technology company based in Mequon, Wisconsin, has agreed to be acquired by Medtronic, one of the world's largest medical technology companies.
The companies announced May 9 that Dublin-based Medtronic will acquire Titan Spine in a deal that's expected to close in July. Terms of the transaction were not disclosed.
Titan Spine, one of Wisconsin Inno's 19 Startups to Watch in 2019, makes interbody implants that serve as spacers inserted between the vertebrae during spinal fusion procedures. The implants help to relieve nerve pressure and hold the vertebrae in place while fusion takes place.
Founded in 2006, Titan Spine has raised more than $50 million in funding.
The privately-held company says its titanium spinal technology devices promote natural bone growth, leading to faster recovery times and less opioid use following surgery. It is the only FDA-cleared nanotechnology in orthopedics, according to its website.
Medtronic says the acquisition of Titan Spine will strengthen the company’s position as a procedural solutions provider for spine surgeries. With Titan Spine, the company will add a full line of titanium, surface-enhanced interbody fusion devices to its portfolio of spinal implants, instruments, enabling technologies and biologics.
“Titan Spine has pioneered the spine implant surface technology category over the past several years,” Jacob Paul, senior vice president and president of the Spine division, which is part of the Restorative Therapies Group at Medtronic, said in a statement. “We feel that surface-enhanced titanium implants combined with our comprehensive biologics portfolio can have a positive impact on patient outcomes in spinal procedures."
Titan Spine CEO Peter Ullrich said the company is excited to join forces with a leader in the spine industry.
"Combining Titan Spine's groundbreaking nanoLock® surface technology with Medtronic's commercial strength will make a dramatic impact on the spine market, particularly for the improvement of patient outcomes," he said in a statement.
