Friday, July 27, 2007

Kyphon Acquired By Medtronic For $3.9B

Sunnyvale-based Kyphon, a maker of medical devices, is being acquired by Minneapolis-based Medtronic in a $3.9B deal. The two companies said Friday morning that they are in a definitive merger agreement where Medtronic will pay $71 per share in cash for Kyphon, which develops medical devices for the treatment of spine disorders. Kyphon's medical devices are targeted at treating older patients suffering from vertebral compression fractures and spinal stenosis. Kyphon is being advised by JPMorgan and Latham & Watkins LLP in the deal; Medtronic is being advised by Goldman Sachs & Co., Pipper Jaffray, and Cleary Gottlieb Steen & Hamilton LLP.