Stryker Acquires Majority Share Capital In VEXIM - Quick Facts

(RTTNews) - Stryker Corp. (SYK) announced it has acquired a majority of the share capital and voting rights of VEXIM, a medical device company specializing in the minimally invasive treatment of vertebral fractures. The company has indirectly acquired 4,115,151 VEXIM shares, representing 50.7% of the share capital and 50.3% of the voting rights of VEXIM for a cash price of 20.00 euros per share, and 170,745 listed warrants (BSAAR), representing 37.1% of outstanding BSAARs for a cash price of 3.91 euros per BSAAR. The price represents an aggregated equity value of VEXIM on a fully diluted basis of approximately 183 million euros, which corresponds to an enterprise value of approximately 162 million euros. The selling shareholders comprised funds managed by Truffle Capital, Bpifrance and Kreaxi, as well as managers of VEXIM.

Based in Balma, near Toulouse (France), VEXIM is a medical device company created in February 2006. It has been listed on Euronext Growth Paris since May 2012. VEXIM has designed and developed the SpineJack, an implant capable of repairing a fractured vertebra and restoring the balance of the spinal column.

The VEXIM FDA trial (European, prospective and randomized multicenter study aiming to compare safety and efficacy of the SpineJack vs balloon kyphoplasty) is intended to provide clinical data to support a 510(k) submission in the US. The FDA trial is progressing well and is in line with a 510(k) filing in 2018.