MAKO Surgical Corp. Announces Agreement to Acquire Assets of Pipeline Biomedical Holdings
MAKO Surgical Corp. (Nasdaq:MAKO) today announced that it has entered into an agreement with Pipeline Biomedical Holdings, Inc. to acquire substantially all of Pipeline's business dedicated to the design, development, manufacture and commercialization of orthopedic devices and related instruments for use with both robotic devices and manual medical procedures. Since 2010 Pipeline has been MAKO's partner in developing and supplying advanced implant technologies for use with MAKO's RIO® Robotic-Arm Interactive Orthopedic system, including the proprietary MAKO-branded RESTORIS® PST Cup and Tapered Stem hip implant system for use with the RIO's MAKOplasty® Total Hip Arthroplasty software application.
The purchase price for the transaction consists of a credit for a cash down payment previously paid to Pipeline in the amount of $2,500,000 and the issuance of an aggregate of 3,953,771 unregistered shares of common stock of MAKO.
The parties expect to close the transaction by October 4, 2013 subject to the satisfaction of customary closing conditions.