Medtronic Inc. hasn’t had much luck of late with orthopedics, particularly its spine business. But if Tornier Inc.’s planned $205 million initial public offering comes to fruition, the country’s largest medical device maker is looking at a huge pay day.
The Bakken Research Center (BRC) in Maastricht, Netherlands, home to Medtronic’s R&D operations in Europe, owns 2.8 million shares of Tornier stock, according to documents filed with the Securities and Exchange Commission. Also, in exchange for a $22.1 million loan in April 2009, Tornier granted BRC warrants to purchase 4.4 million shares at $5.66 a pop.
Split Rock Partners, an early stage venture capital firm in Eden Prairie, Minn., owns 271,920 shares. The firm’s $633, 213 loan netted it warrants to buy 126,413 shares at $5.66 a pop.
With the Rise of AI, What IP Disputes in Healthcare Are Likely to Emerge?
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
Tornier could be Split Rock’s second orthopedic coup in as many years. The company was an investor in Spine-Tech, acquired by Sulzer Medica for nearly $600 million in 1998 and now the spine division of Zimmer Medical, a major orthopedic company based in Warsaw, Ind.
Until Tornier’s investment bankers establish a firm IPO price, we won’t know how much money is coming to Medtronic and Split Rock. But given Tornier’s target raise of $205 million, I think it’s safe to say it will be more than $5.66 a share.