Medical device company Orthofix Medical Inc. has acquired FITBONE® and associated assets for $18 million in cash and a manufacturing supply contract with developer Wittenstein SE.
FITBONE is a lengthening nail for femur and tibia bones that can be surgically implanted through a minimally invasive procedure. The distraction process is managed through an external telemetry control set. Included with the transaction is the FITSPINE system for “fusionless surgery to treat early onset scoliosis.” FITSPINE is in preliminary development.
Orthofix President and Chief Executive Officer Jon Serbousek commented, “The acquisition of the FITBONE intramedullary lengthening system further demonstrates Orthofix’s commitment to investing in differentiated products that are a strong strategic fit within our core businesses.”
Serbousek continued, “Adding this technology to our current limb reconstruction portfolio enables us to offer physicians solutions to meet the needs of their patients which may require internal or external fixation procedures. We look forward to developing other applications of this exciting platform.”
Wittenstein is a privately held Germany-based company. Wittenstein’s subsidiary Wittenstein intens GmbH developed the FITBONE and FITSPINE systems. Regarding the sale, Wittenstein reported, “Wittenstein intens GmbH will initially maintain manufacturing operations in Harthausen for a transitional period of about two years and assist the successive transfer of know-how to Orthofix.” During the transfer, Orthofix will manage product sales.
When asked about the sale, Wittenstein Chief Executive Officer Bertram Hoffmann, Ph.D., commented, “It is increasingly difficult for a classic engineering firm like Wittenstein to take adequate account of the specific characteristics of the medtech business.”
Dr. Hoffmann continued, “We, the Supervisory Board and the owning Wittenstein family are united by a common conviction that an established, specialized company in the medtech industry is much better positioned to continue developing and perfecting Wittenstein’s medical technology successfully.”
Based in Lewisville, Texas, Orthofix is a “global medical device company focused on musculoskeletal healing products and therapies.” Orthofix’s mission is to “improve patients’ lives by providing superior reconstruction and regenerative musculoskeletal solutions to physicians worldwide.”
