RTI Surgical buys Zyga Tech and its SImmetry sacroiliac fusion device, updates 2018 outlook

RTI Surgical (NSDQ:RTIX) yesterday announced an agreement to purchase Zyga Technology and its SImmetry sacroiliac joint fusion system and today released updated guidance for 2018 and beyond. The Alachua, Fla.-based RTI surgical said that Zyga Technology has approximately 30 employees and $4 million in annual revenue, and that it plans to fund the acquisition through a combination of cash and through borrowing under its existing credit facility. Terms of the deal were not disclosed, and RTI Surgical it expects the deal to close when the Delaware Department of State re-opens as it is currently closed due to inclement weather. “Acquiring Zyga Technology further advances our strategic transformation focused on reducing complexity, driving operational excellence and accelerating growth. We are increasing our focus on both internal development and external investment, and acquiring Zyga Technology’s innovative minimally invasive treatment both accentuates our robust spine portfolio and opens significant opportunities to accelerate growth. The acquisition provides access to a procedure that has been growing in excess of 20% in recent years and leverages the core competencies of our Spine franchise. We believe it is perfectly aligned with our Spine-focused expansion strategy to pursue niche differentiated products, to gain scale and customer retention and support portfolio pull-through along the way. As part of the RTI team, we believe Zyga has the potential to produce sign...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Mergers & Acquisitions Spinal RTI Surgical Source Type: news