Orthofix Agrees to Acquire FITBONE Limb Lengthening System

Orthofix Medical (NASDAQ:OFIX) announced a purchase agreement with German-based Wittenstein SE to acquire assets associated with the FITBONE  lengthening system for limb lengthening of the femur and tibia bones.

As quoted in the press release:

Additionally, the transaction brings other potential applications of the technology, which are in preliminary development, including the FITSPINE® system for early onset scoliosis. Terms of the agreement include $18 million in cash closing consideration and a manufacturing supply contract with Wittenstein SE.

“Founded 40 years ago as an extremity fixation company, Orthofix has a long history of cutting-edge solutions to treat patients born with limb discrepancies,” said Orthofix President and Chief Executive Officer Jon Serbousek. “The addition of the FITBONE intramedullary lengthening system further rounds out our limb reconstruction offerings and is well aligned with our strategy of investing in innovative products to drive growth within our core businesses.”

Click here to read the full press release.