Spine Solutions completes $350 M merger with Synthes-Stratec.

(From Chemical Business NewsBase - Press Release)

Spine Solutions Inc completed a previously announced $350 M merger agreement with Synthes-Stratec Inc, Oberdorf, Switzerland. Synthes-Stratec is making an immediate cash payment of $175 M with a further $175 M payable upon Spine Solutions achieving certain milestones relating to FDA approval of its lumbar and cervical artificial disc products. Spine Solutions' ProDisc total spine replacement system has been in FDA Investigational Device Exemption (IDE) clinical studies since Oct 2001. To date more than 2300 lumbar discs have been implanted in patients in 26 countries outside the US where ProDisc is already available …