Merger of Medtronic, Kyphon complete

By Lisa Kerner

Charlotte, N.C., Nov. 2 - Medtronic, Inc. completed its $4.2 billion acquisition of Kyphon Inc.

Under the July 27 merger agreement, Kyphon shareholders will receive $71 cash per share.

"The product lines and the geographic presence of these two companies are highly complementary," Medtronic president and chief executive officer Bill Hawkins said in a company news release.

"We expect this acquisition to help accelerate the growth of Medtronic's existing spinal business by extending our product offerings into some of the fastest growing product segments and enabling us to provide physicians with a broader range of therapies for use at all stages of the care continuum."

In addition, Kyphon completed its acquisition of the non-vertebroplasty assets of Disc-O-Tech Medical Technologies, Ltd. and plans to divest "substantially all of the assets" relating to the Disc-O-Tech Confidence product line.

Medtronic's spinal surgery focus has been on younger patients suffering from scoliosis and degenerative disc disease in the cervical and lumbar spine. The company is based in Minneapolis.

Kyphon, a Sunnyvale, Calif., medical device company, specializes in the treatment of older patients suffering from vertebral compression fractures and spinal stenosis.

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