AUDUBON, Pa., Jan. 12, 2011 /PRNewswire/ -- Globus Medical, Inc., the largest privately held spinal implant manufacturer in the world, today announced that it has acquired substantially all of the assets of Facet Solutions, Inc. of Hopkinton, Mass. The terms of the acquisition are undisclosed. Facet Solutions Inc., a leader in the development of total facet arthroplasty devices, has been actively involved the development of facet arthroplasty devices since 2003 and has completed pilot studies in Brazil, Europe and the United States. The leading product in its portfolio is ACADIA™, an unconstrained pedicle screw based total facet replacement system. Currently, the ACADIA™ facet replacement system is in an active phase III IDE study for symptomatic spinal stenosis compared to a posterior spinal fusion control. "With Globus' strong historical focus on posterior motion preservation and reputation for highly creative products, the acquisition of Facet supplements our posterior motion sparing technology platform with a product nearly half way through its pivotal clinical trial," commented David Paul, chairman and CEO of Globus.
In 2009, Facet acquired certain assets of Archus Orthopaedics, including their intellectual property portfolio, which collectively resulted in over 100 patents and patent applications concentrated on posterior motion preservation technology. "Combined, this creates the strongest intellectual property portfolio in this segment and a platform product that will allow Globus to address a multitude of clinical indications and treatment scenarios in the future," said Mr. Paul.
In addition to the current US IDE study, the ACADIA™ device has seen limited release in the EU. "With the success of our expanding international sales efforts, the addition of the ACADIA™ device will further differentiate Globus' product portfolio and we intend to expand ACADIA's™ availability in select markets internationally immediately," noted Dave Demski, President and COO of Globus.
About Globus Medical, Inc.
Globus Medical, Inc. is the largest privately held spinal implant manufacturer in the world and is based in Audubon, Pa. The company was founded in 2003 by an experienced team of spine professionals with a shared vision to create products that enable spine surgeons to promote healing in patients with spinal disorders. Additional information can be accessed at www.globusmedical.com.
SOURCE Globus Medical, Inc.