Orthofix Medical Inc. (NASDAQ: OFIX), a global medical device company focused on musculoskeletal healing products, extended its product line with a deal for the Fitbone limb lengthening system. Privately held Wittenstein SE, based in Igersheim, Germany, will get $18 million in cash and a manufacturing supply contract.
The Fitbone intramedullary lengthening system is designed to lengthen femur and tibia bones. More than 3,500 cases in 15 countries have been performed with the technology. This transaction brings other potential applications of the technology, which are in preliminary development, including the Fitspine system for early onset scoliosis.
Texas-based Orthofix, formerly known as Orthofix International NV until 2018, provides spine and orthopedic extremities products in more than 70 countries. With this acquisition, it becomes the only orthopedic company that offers a comprehensive portfolio of both internal and external fixation solutions for limb reconstruction.
This deal is expected to close in the first quarter of 2020. Orthofix does not expect it to be material to 2020 net sales.
