Lawyers from Ropes & Gray have represented Dublin-based medical device company Medtronic in its US$1.64 billion acquisition of Israel’s Mazor Robotics.
Medtronic said the acquisition, announced on 20 September 2018, would add robot-assisted guidance systems to its portfolio of spine surgery technology products. Both companies’ boards of directors have unanimously approved the deal.
The two companies first entered into an equity investment agreement in 2016, with Medtronic pledging to acquire progressively larger blocks of the Israeli company’s shares as it hit a series of distribution milestones. Medtronic also agreed to assume exclusive global sales and distribution rights to Mazor’s future spine products.
In 2017, Medtronic expanded the partnership to become the sole international distributor of the Mazor X system, which harnessed robotic technology for use in spinal procedures.
Last week’s acquisition will see Medtronic acquire all outstanding shares of Mazor, pending the approval of its shareholders and relevant regulatory clearances. Medtronic said the deal was expected to close by January next year.
Ropes & Gray partners Christopher Comeau, Ruchit Patel, Michael McFalls and Renata Ferrari advised Medtronic on the deal, alongside a team from Israeli firm Meitar Liquornik Geva Leshem Tal led by partners Noam Tzur and Mike Rimon, whose experience encompasses representing Covidien (now also acquired by Medtronic) in its US$1 billion acquisition of Given Imaging.
Teams from Kirkland & Ellis and Luchtenstein Levy Wiseman provided legal counsel for Mazor. The Kirkland team included corporate partners Daniel Wolf and Dvir Oren, while the Israeli team featured partners Barak Luchtenstein, Yuval Beer and Ronen Wiseman.
Perella Weinberg Partners and Goldman Sachs; and JP Morgan Securities and Duff & Phelps, gave Medtronic and Mazor financial advice respectively.
Mazor CEO Ori Hadomi praised the acquisition: “The Mazor team and product portfolio’s full integration into Medtronic will maximise our impact globally through Medtronic’s channels, advance our systems’ leadership position in the marketplace, and drive the realisation of our vision to heal through innovation.”