Home News Innovation

Trendlines to divest stake in OrthoSpin for US$15.8 million

The Edge Singapore
The Edge Singapore 11/4/2021 05:11 PM GMT+08  • 2 min read
Trendlines to divest stake in OrthoSpin for US$15.8 million
This investment will give Trendlines an internal rate of return of 165%.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

The Trendlines Group has divested its stake in one of its portfolio companies focusing on orthopedics to Synthes, a subsidiary of Johnson & Johnson.

The portfolio company, OrthoSpin, is sold to the US healthcare giant for US$79.5 million.

Israel-based Trendlines, which is listed on the SGX, will receive net proceeds of US$15.8 million for its 26.9% stake.

Trendlines has thus far invested US$1.3 million in cash into OrthoSpin and as at June 30, carries this investment at US$6.6 million on its books. The gain will give Trendlines an internal rate of return of 165%.

See: The Trendlines Group will not be proceeding with its dual primary listing and securities offer on TASE

For the current year ending Dec 2021, Trendlines will book a gain of US$9.2 million from the sale, which comes on top of a gain of US$3.9 million it had already booked in 1HFY2021.

See also: SATS invests $150 million in food production automation project in Jurong Innovation District

OrthoSpin has created a “digitally-enabled” strut system which can help correct limb deformities. The adjustments can be made automatically and more frequently, thereby doing away with complex, manual adjustments.

OrthoSpin’s latest device received FDA clearance in Jan this year and has completed initial clinical cases in the US and Israel.

Trendlines shares closed Nov 3 at 11 cents, up 0.96% for the day and up 16.67% year to date.

Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.