Mazor Robotics (NSDQ:MZOR) said today that the unveiling last month of its Mazor X robot-assisted spine surgery platform triggered the 2nd step in a 3-stage equity deal with Medtronic (NYSE:MDT).
Medtronic paid $20 million for a 3.4% stake in Mazor at $21.84 apiece, the trailing 20-day average for MZOR shares, the Caesarea, Israel-based company said. It’s part of a 2-stage deal struck with the world’s largest pure-play medtech maker back in May.
The 1st phase of the deal calls for Medtronic to acquire 15 Mazor systems in 2016 and makes Medtronic Mazor’s sole partner for developing and commercializing robot-assisted spine surgery devices. The 2nd phase is a 3-step equity investment in Mazor; including the payment announced today, the 2nd step in the equity phase, Medtronic has spent $31.9 million acquiring a 7.27% stake in Mazor.