facebook
twitter
rss
account
search
search
 

Kyphon Inc. buying St. Francis for $525M

Dec. 4, 2006 at 3:04 PM   |   Comments

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.

© 2006 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
IS oil smugglers will feel wrath, Kurdish leader says IS oil smugglers will feel wrath, Kurdish leader says
2
Outrage over FERC decision on LNG exports Outrage over FERC decision on LNG exports
3
Exxon says it's safe from Russian sanctions Exxon says it's safe from Russian sanctions
4
Gas ball in Ukraine's court, Kremlin says Gas ball in Ukraine's court, Kremlin says
5
New oil pipeline online for Permian shale New oil pipeline online for Permian shale
Trending News
x
Feedback