NuVasive Announces Acquisition Of Ellipse Technologies, Notes 'Potential To Become The Standard Of Care'

, a global medical device company in the spine market,

on Tuesday it has agreed to acquire Ellipse Technologies for $380 million upfront and a potential $30 million milestone payment. Ellipse Technologies is a privately held medical technology company focused on revolutionizing procedural solutions for complex skeletal deformity. NuVasive said it expects the acquisition to accelerate its revenue growth target toward the high-single digit range and to be "slightly accretive" to its non-GAAP diluted earnings per share within the first 12 months of the acquisition and "significantly accretive" moving forward. NuVasive's CEO Gregory Lucier said Ellipse's "revolutionary" technology "has the potential to become the standard of care for spine and orthopedic patients." Shares of NuVasive were trading higher by more than 1 percent at $54.07 shortly after Wednesday's opening bell.