Kyphon Inc. buying St. Francis for $525M

Dec. 4, 2006 at 3:04 PM

SUNNYVALE, Calif., Dec. 4 (UPI) -- Kyphon Inc., a California company, will pay at least $525 million to buy St. Francis Medical Technologies Inc., a medical device maker.

St. Francis, which is based in Alameda, Calif., manufactures the first U.S. government-approved "interspinous process device for treating lumbar spinal stenosis," Kyphon said Monday in a news release.

The deal calls for Kyphon to pay $525 million in upfront cash payable upon closing, plus additional revenue-based contingent payments of up to $200 million payable in either cash or a combination of cash and stock, at Kyphon's election.

Kyphon will finance the upfront payment due upon closing through a combination of cash on hand and bank financing, including a syndicated term loan and credit facility.

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