Mazor signed commercial agreements with Medtronic last May, giving Medtronic exclusive distribution rights for new Mazor spine products in exchange for roughly $52 million in total potential investment.
In the first stage of the investment, Medtronic paid $11.9 million for 4 percent of Mazor’s shares.
Mazor’s launch of the new Mazor X System will trigger Medtronic’s second-stage investment of up to $20 million.
The third stage of investment, also reaching a potential of $20 million, is contingent upon several terms, including the establishment of a global distribution agreement between the two companies.
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