Warsaw-based OrthoPediatrics Corp. (Nasdaq: KIDS) has acquired Israel-based medical device company ApiFix Ltd. The company says the acquisition is valued at $2 million in cash, in addition to stock.
ApiFix Ltd. manufactures a less invasive spinal deformity correction system for non-fusion treatment of progressive adolescent idiopathic scoliosis. OrthoPediatrics says the system is one of only two non-fusion technologies approved by the U.S. Food and Drug Administration.
“We believe that ApiFix fills a major treatment gap that could potentially allow patients to avoid fusion surgery. We estimate that non-fusion procedures will grow significantly as patients, their families, and surgeons recognize non-fusion’s benefits. With an 8-year clinical history of more than 370 patients outside the US, the ApiFix system has a number of advantages over vertebral body tethering. It is significantly less complex and risky, does not imply the need for a thoracic or general surgeon, and has fewer complications,” said Mark Throdahl, president and chief executive officer of OrthoPediatrics.
The company did not specify whether any jobs would be affected by the deal.