Blackstone Medical Inc. Is Acquired By Orthofix International NV For US$ 333 Million
SPRINGFIELD, Mass., Aug. 10 /PRNewswire-FirstCall/ -- Orthofix International N.V. announced Monday, August 7, 2006, that it has signed an agreement to buy Blackstone Medical, Inc., the largest and fastest-growing privately-held spinal implant company in the world.
The US$ 333 million acquisition allows Orthofix to leverage Blackstone's engineering vitality, established "Breakthrough Thinking(TM)" brand identity and their market strength in the fusion, motion preservation and biologics categories. Blackstone has experienced profitable revenue growth of more than 25% in each of the last three years, and total revenue increased 39% during the first half of this year. Combining both companies' strengths into a synergistic powerhouse will bring greater innovation to orthopedics on a global level.
Blackstone's highly regarded and well-earned research and development capabilities have resulted in the launch of 14 new products in the last two years. Blackstone is the first spinal company to make technological leaps and bounds with the introduction of Trinity(TM) Multipotential Cellular Bone Matrix, the only commercially produced "adult stem cell" biologics product for bone growth in the spine. Other new innovations include the ICON(TM) Modular Spinal Fixation System, an advanced modular pedicle screw, that together with the ProView(TM) Minimally Invasive System, offers greater latitude for surgeons performing minimally invasive surgery. Additionally, the Advent(TM) Artificial Cervical Disc* slated for European Union (EU) release in the first quarter of 2007, marks serious progress for motion preservation as it closely mimics the natural range of human motion.
Orthofix recognizes the potential for joining forces. "This acquisition is a transformational event for Orthofix and a major step in our strategy, as it establishes a solid platform for accelerated sales and earnings expansion in the fastest growing segment of the orthopedics industry," said Orthofix CEO, Alan Milinazzo. "Our robust distribution channels give us the opportunity to significantly expand the availability of Blackstone's unique product portfolio around the world."
And Blackstone agrees. "Orthofix wanted to partner with us to create an even bigger and better spinal company. We are excited about the increased benefits of uniting our advanced product development capabilities with Orthofix's broad experience and global presence in the spinal marketplace. Collectively we will provide tremendous advancements to spine medicine by offering surgeons a complete suite of solutions," stated Blackstone President, Matthew Lyons.
About Blackstone Medical, Inc.
Blackstone Medical, Inc., established in 1996, is a leading international spine product company dedicated to advancing techniques and technologies in the treatment of the human spine. Partnering with luminary spine surgeons to identify solutions and using a quality team approach with engineers, Blackstone creates breakthrough spinal implant and instrument products. Blackstone's achievement-driven focus results in rapid design, cooperative manufacturing and exceptional service to surgeons. For more information about Blackstone Medical, Inc., please visit http://www.blackstonemedical.com
About Orthofix International N.V.
Orthofix International N.V., a global diversified orthopedic products company, offers a broad line of minimally invasive surgical, as well as non-surgical, products for the spine, reconstruction, and trauma market sectors that address lifelong bone-and-joint health needs of patients of all ages, helping them achieve a more active and mobile lifestyle. Orthofix's products are widely distributed around the world to orthopedic surgeons and patients via Orthofix's sales representatives and its subsidiaries including Breg, Inc., and via partnerships with other leading orthopedic product companies, such as Medtronic Sofamor Danek and Kendall Healthcare. In addition, Orthofix is collaborating in R&D partnerships with leading medical institutions such as the Orthopedic Research and Education Foundation, the Cleveland Clinic Foundation, Innovative Spinal Technologies and the National Osteoporosis Institute. For more information about Orthofix, please visit http://www.orthofix.com
Breakthrough Thinking, ICON, ProView, Advent and Trinity are all trademarks of Blackstone Medical, Inc. Trinity is manufactured by Osiris(R) Therapeutics, Inc. Osiris is a trademark of Osiris Therapeutics, Inc. 2001 Aliceanna Street, Baltimore, MD 21231 1-888-OSIRIS1 Osteocel@Osiris.com
*Advent(TM) Artificial Cervical Disc not available for sale in the United States
Blackstone Medical, Inc.CONTACT: Terry Zielinski, Director of Communications of BlackstoneMedical, Inc., +1-973-406-2819, tzielinski@blackstonemedical.com