Healthcare Industry News: Kyphoplasty
News Release - October 15, 2007
Medtronic and Kyphon Announce Clearances in Spain, Austria and Cyprus for the Merger of Medtronic and KyphonMINNEAPOLIS & SUNNYVALE, Calif.--(HSMN NewsFeed)--Medtronic, Inc. (NYSE:MDT ) and Kyphon Inc. (Nasdaq:KYPH ) announced today, in connection with their previously announced intention to provide a regulatory update at the time of the Kyphon stockholders' special meeting, that antitrust clearances in Spain, Austria and Cyprus have been obtained in connection with the previously announced merger agreement between Medtronic and Kyphon. Consummation of the transaction remains subject to customary closing conditions, including receipt of stockholder approval and clearance from antitrust authorities in Portugal and Turkey. The initial statutory review periods in both of these jurisdictions are scheduled to expire later this month unless the antitrust authorities extend the relevant periods. The parties intend to consummate the transaction reasonably promptly following the receipt of the required antitrust clearances in Portugal and Turkey and the satisfaction of the other customary closing conditions contained in the merger agreement, but in no event prior to November 1. A special meeting of Kyphon's stockholders to vote on the proposed merger has been called for October 16, 2007.
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology - alleviating pain, restoring health, and extending life for millions of people around the world.
Medtronic is a registered trademark of Medtronic, Inc.
Kyphon develops and markets medical devices designed to restore and preserve spinal function and diagnose the source of low back pain using minimally invasive technologies. The company's products are used in balloon Kyphoplasty for the treatment of spinal compression fractures caused by osteoporosis or cancer, in the Functional Anaesthetic Discography(TM) (F.A.D.(TM)) procedure for diagnosing the source of low back pain, and in the Interspinous Process Decompression (IPDŽ) procedure for treating the symptoms of lumbar spinal stenosis. More information about the company and its products can be found at www.kyphon.com and its balloon Kyphoplasty patient education Web site, www.spinalfracture.com.
Kyphon and IPD are registered trademarks, and Functional Anaesthetic Discography and F.A.D. are trademarks, of Kyphon Inc.
This press release contains forward-looking statements, within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, about the completion of the merger. Forward-looking statements are based on management's current preliminary expectations and are subject to risks, uncertainties and assumptions, which may cause the company's actual results to differ materially from the statements contained herein. Factors that could cause actual results to differ materially from management's current expectations include, without limitation, the potential inability to obtain the regulatory and stockholder approvals and clearances required to complete the merger, or to do so in a timely manner, and the possibility that other conditions to completion of the merger may not be satisfied. Additional factors that may affect future results are contained in Kyphon's filings with the SEC, which are available at the SEC's web site http://www.sec.gov. Kyphon undertakes no obligation to release publicly any revisions to any forward-looking statements contained herein to reflect events or circumstances after the date hereof.
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