Medical device company Mako Surgical has announced an agreement to acquire the assets of US-based Pipeline Biomedical.
Pursuant to the terms of the agreement, Mako Surgical will acquire substantially all of Pipeline Biomedical's business dedicated to orthopedic device and robotic device line.
Pipeline Biomedical has been developing, manufacturing and commercializing orthopedic devices and related instruments for use with both robotic devices and manual medical procedures.
The company has been supplying advanced implant technologies to Mako Surgical since 2010.
Pipeline Biomedical's advanced implant technologies have been used with Mako Surgical's RIO robotic-arm interactive orthopedic system, including the proprietary Mako-branded RESTORIS PST cup and tapered stem hip implant system for use with the RIO's MAKOplasty total hip arthroplasty software application.
Mako Surgical has already paid $2.5m to Pipeline Biomedical and the company will issue an aggregate of 3,953,771 unregistered shares of common stock to close the deal.
Subject to the satisfaction of customary closing conditions, Mako Surgical and Pipeline Biomedical are expected to close the transaction by October 4, 2013.
