Globus Medical Acquires StelKast, Develops Orthopedic Surgery Robotics
Globus Medical Inc. last week acquired most of the assets of privately held orthopedics manufacturer StelKast Inc. for $24.1 million. The purchase price could increase by $4.3 million if certain product and sales milestones are met, including a system for robot-assisted joint reconstruction expected to launch late next year, said the companies.
Audobon, Penn.-based Globus Medical makes devices for spinal surgery, as well as the ExcelsiusGPS system for robotic navigation, which it released in December 2018. The company also acquired Nemaris and its Surgimap planning software last year, and it purchased Swiss robotics developer KB Medical in 2017.
McMurray, Penn.-based StelKast designs, manufactures, and distributes implants and instruments for knee and hip replacement. Globus said the acquisition could help it expand into the total joint and arthroplasty markets.
Citizens Capital Markets Inc. served as the exclusive financial advisor to Trigon Holding Inc. regarding the sale.
Globus Medical in tight robotic surgery space
The market for robot-assisted orthopedic surgery that Globus Medical has joined with its ExcelsiusGPS and StelKast acquisition is competitive, young, and growing. The global orthopedic medical robots market will experience a compound annual growth rate (CAGR) of 24.1%, from $373.49 million in 2017 to $2.11 billion in 2025, predicts The Insight Partners.
Similarly, Vynz Research estimates that the surgical robotics market will grow from $5.4 billion in 2018 at a CAGR of 10.9% to 2024, with particular growth in Asia.
“The StelKast acquisition should serve as a platform to expand our products and services into the total joint arthroplasty market,” stated David Paul, founder and executive chairman of Globus Medical. “Globus Medical’s proven product development engine and history of innovation, when combined with our computer-assisted technologies in imaging, navigation, and robotics, have the potential to improve clinical care for joint arthroplasty patients and create value for shareholders.”
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Written by: Nancy Crotti
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