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Medtronic/Kyphon merger clears FTC

This article was originally published in The Gray Sheet

Executive Summary

Medtronic's pending $3.9 billion acquisition of spinal device maker Kyphon clears Federal Trade Commission antitrust review, the firms announce Sept. 11. Inked in July, the merger deal will expand Medtronic's spinal business, adding Kyphon's flagship KyphX balloon kyphoplasty system for spinal compression fractures. However, a proposed consent decree is still pending with FTC related to Kyphon's earlier $220 million proposed deal to purchase Disc-O-Tech spine technology, which likely will require Kyphon's divestiture of "most, and potentially all," of the assets related to Disc-O-Tech's Confidence cement delivery system for vertebral compression fractures, Kyphon notes. Kyphon shareholders will meet Oct. 16 to vote on the proposed Medtronic merger, which also remains subject to antitrust review outside the United States and is expected to close in the first quarter of 2008 (1"The Gray Sheet" July 30, 2007, p. 3)

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Acquisitions In Brief

Disc-O-Tech spine asset shuffle: Johnson & Johnson subsidiary DePuy Spine on Nov. 5 announces a definitive agreement to acquire Israeli firm Disc-O-Tech Medical Technologies' Confidence system and next-generation cement delivery products in development for treatment of vertebral compression fractures. The divestiture was required by the Federal Trade Commission as part of antitrust clearance of Kyphon's December 2006 agreement to acquire Disc-O-Tech's spine technologies. Other Disc-O-Tech spine assets now belong to Medtronic, which completed its $4.2 billion acquisition of Kyphon ahead of expectations on Nov. 2 (1"The Gray Sheet" Sept. 17, 2007, In Brief). Terms of DePuy's agreement were not disclosed, but Kyphon had planned to pay $120 million for Confidence plus contingent payments (2"The Gray Sheet" Jan. 1, 2007, p. 8)

Medtronic Taps Into Expanded Spinal Market With $3.9 Billion Kyphon Deal

Medtronic is aiming to expand the breadth of its spinal offerings and, in particular, reach a relatively untapped older patient population with its $3.9 billion acquisition of Kyphon, announced July 27 (see chart: "1Medtronic-Kyphon Deal Basics")

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