Press release
Orthofix Completes Acquisition of FITBONE Limb Lengthening System
LEWISVILLE, Texas--(BUSINESS WIRE)-- Orthofix Medical Inc. (NASDAQ:OFIX), a global medical device company focused on musculoskeletal healing products, today
About this update from Orthofix Medical Inc.
[{"type":"text","content":" LEWISVILLE, Texas--(BUSINESS WIRE)--\nOrthofix Medical Inc. (NASDAQ:OFIX), a global medical device company focused on musculoskeletal healing products, today announced it has completed the acquisition of assets associated with the FITBONE® intramedullary lengthening system for limb lengthening of the femur and tibia bones. The transaction also includes other potential applications of the technology which are in development, including the FITSPINE® system for fusionless surgery to treat early onset scoliosis. With the addition of the FITBONE assets, Orthofix becomes the only orthopedic company that offers a comprehensive portfolio of both internal and external fixation solutions for limb reconstruction.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200326005289/en/FITBONE intramedullary lengthening system for lengthening of the femur and tibia bones. (Photo: Business Wire)\n\n“The acquisition of the FITBONE® intramedullary lengthening system further demonstrates Orthofix’s commitment to investing in differentiated products that are a strong strategic fit within our core businesses,” said Orthofix President and Chief Executive Officer Jon Serbousek. “Adding this technology to our current limb reconstruction portfolio enables us to offer physicians solutions to meet the needs of their patients which may require internal or external fixation procedures. We look forward to developing other applications of this exciting platform.”\n\n\nTerms of the agreement executed with Wittenstein SE, a privately-held Germany-based company who developed the technology, include $18 million in cash closing consideration and a manufacturing supply contract with Wittenstein SE.\n\n\nThe FITBONE system will be a part of the Orthofix Extremities portfolio of solutions that include the TL-HEX™ computer-assisted ring fixation system for external limb lengthening and the eight-Plate Guided Growth System™ for correcting angular growth deformities in pediatric patients. To learn more about Orthofix’s dedication to helping surgeons and limb deformity correction patients, please visit JuniOrtho.club.\n\n\nConsisting of an intramedullary lengthening nail that is surgically implanted in the bone through a minimally invasive procedure, the FITBONE system includes an external telemetry control set tha...