Deal valued at up to $10 Million
Exactech, Inc. (Nasdaq: EXAC), a developer and producer of bone and joint restoration products for hip, knee, shoulder and spine, announced today the acquisition of an industry-leading computer-assisted surgical technology development and manufacturing firm, Grenoble France-based BlueOrtho SAS.
Exactech has partnered with BlueOrtho since 2009 to develop ExactechGPS® Guided Personalized Surgery system, which was introduced by Exactech in 2010 and fully commercialized in 2014. ExactechGPS currently supports Exactech’s comprehensive knee systems with plans to expand its application to other segments of the company’s portfolio.
According to Exactech Vice President of Engineering and Development for Large Joints Xavier Sarabia, “This acquisition is a logical next step in our partnership with BlueOrtho. Exactech is strategically invested in this technology because we believe it will become the new standard of patient care in total joint arthroplasty. BlueOrtho is a very talented, highly motivated group of professionals who work well with our staff. By welcoming them officially to the Exactech team, we broaden our engineering competencies to benefit our planned future developments.”
BlueOrtho was founded by President and CEO Anthony Boyer, orthopedic surgeon James Stiehl, MD, and Dr. Stephane Lavallee, Ph.D., a pioneer in the field of computer assisted surgery. According to Boyer, “The goal of the partnership between BlueOrtho and Exactech has been to develop a significant advancement in technology that improves patient outcomes. Exactech has been an ideal partner, due to their expertise in mechanical instrument design and their understanding of clinical issues related to patient outcomes. We are enthusiastic to build upon this success under the new structure.”
According to the terms of the agreement, Exactech will pay up to 10 million Euros for the 100% share acquisition with 2 million Euros paid at the closing on January 15, 2015 and a potential earnout amount of up to 8 million Euros based on the achievement of surgical case milestones using the technology.
ExactechGPS is an advanced surgical technology that provides orthopaedic surgeons real-time visual guidance and alignment data in total joint arthroplasty. The system features a touch screen and proprietary camera system within the sterile field, the only of its kind on the market. Patients around the world have benefited from ExactechGPS. Through mechanical testing, the technology has demonstrated a high level of accuracy and precision.