Medtronic to Buy Mazor Shares, Promote Surgical System

Sample-2Medtronic Plc, the largest maker of equipment to treat spinal conditions, agreed to help promote Mazor Robotics Ltd.’s guidance system used during spinal surgeries and will take an equity stake of up to 15 percent in the company. Mazor’s stock surged.

Medtronic will purchase newly issued securities representing 4 percent of the company’s outstanding shares for about $12 million, equal to the 20-day trailing average price per share, Mazor said in a statement. It will have the opportunity to buy an additional 6 percent of the Caesarea, Israel-based company, plus a further 5 percent, in future allotments that Medtronic can cap at $20 million apiece.

The two companies will work together to promote Mazor’s next-generation robotic spinal system, used to help surgeons plan and precisely execute surgeries, and develop additional products used during the procedures. Medtronic will buy 15 of Mazor’s new systems by the end of the year. If the initial phase of the agreement meets expectations by the end of 2017, Medtronic will take over exclusive sales and distribution for Mazor’s spinal products. Financial details of the agreement weren’t disclosed.

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About Peter Coffaro 1134 Articles

A growth-driven and strategic executive, Peter Coffaro commands more than 20 years of progressive management success within the medical device industry. As a District Sales Manager for Stryker Orthopaedics, Peter was responsible for managing and directing a regional sales force to achieve sales and profit goals within the Rocky Mountain region. Previously, he was the Director of Sales & Marketing for Amp Orthopedics. In this role, Peter was responsible for planning, developing, and leading all sales and marketing initiatives. Peter is a former orthopedic distributor in the Pacific Northwest. He has also worked with DePuy Orthopaedics as well as Zimmer, and held positions in sales, sales training, and sales management. Peter has an extensive background in organizational development, business development, sales management, negotiating and P&L management. Peter holds a B.S. degree in Biology from Northern Illinois University.

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