Mazor X unveiling triggers another $20m from Medtronic

ows_14682955209871Mazor 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.

By Brad Perriello | MassDevice

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About Peter Coffaro 1104 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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