Congratulations John,
Spine-Tech, Inc., Announces Definitive Agreement to
Merge with Sulzer Medica; Cash Tender Offer Valued at
$595 Million
MINNEAPOLIS, Dec. 16 /PRNewswire/ -- Spine-Tech, Inc. (Nasdaq: SPYN - news), a medical
manufacturer based in Minneapolis, today announced the signing of a definitive agreement to merge
with Sulzer Medica (NYSE: SM; Zurich: SMEN), a leading cardiovascular and orthopedic implant
company headquartered in Winterthur, Switzerland. The transaction involves a cash tender offer by
Sulzer Medica for all of the outstanding Spine-Tech common shares at $52 per share for a total net
value of approximately $595 million. The tender offer, which has been approved by the board of
directors of each company, will be conditioned on the tender of a majority of the outstanding
Spine-Tech shares, the expiration of anti-trust waiting periods and other customary conditions.
Spine-Tech is a market and technology leader in the field of less invasive spinal implants. The
company's leading product is the BAKo Interbody Fusion System, an innovative system of spinal
implants and instruments which are used to promote spinal fusion in patients suffering from chronic,
disabling back pain resulting from degenerative disc disease. The BAK received marketing
clearance from the U.S. Food and Drug Administration in September 1996 and is currently leading
the market in the rapidly growing, minimally invasive spinal fusion implant market.
Spine-Tech will operate as a business unit of Sulzer Orthopedics. David Stassen, president and
chief executive officer of Spine-Tech, will become the global head of Sulzer Medica's spinal
business. Mr. Stassen and key Spine- Tech management have expressed their commitment to stay
with the company in order to drive its continued growth and prosperity.
Piper Jaffray Incorporated acted as financial adviser to Spine-Tech in this transaction.
Sulzer Medica, with annual sales of approximately $1 billion, currently employs approximately
4,800 people worldwide. Sulzer Medica is focused on the development of implantable medical
devices and biomaterials for the cardiovascular and orthopedic markets worldwide. The company's
products include heart valves, pacemakers, defibrillators, ablation catheters, vascular grafts, artificial
knees, hips, shoulders, spine and dental implants.
Spine-Tech is a market leader in the field of less invasive spinal implants. The company's products
are used to surgically treat patients suffering from chronic, disabling pain caused by degenerative
conditions of the spine. |
