Dynamic Healthcare M&A Database

Acquiring Party	Exactech, Inc. (NASDAQ:EXAC), a manufacturer of orthopedic implant devices, related surgical instruments and biologic materials and services.
Transferring Party	Altiva Corporation, a maker of spinal products with a focus on spinal fusion.
Sector	Medical Devices
Date	December 10, 2007
Analysis Exactech invested in Altiva in 03 while Altiva was in its formative stage. Since then, Altiva has combined acquisitions of intellectual property with various distribution agreements to assemble a strong spinal products portfolio, which expands upon Exactech's orthopedic implant line and adds a specialized spinal management team. The $25m deal value was based on a pre-determined muliple-of-sales formula. 07 sales were $13m (1.9x), on a break-even basis.
The Walden Group is a leading healthcare investment banking firm specializing in mergers, acquisitions and strategic transactions. It also invests its own funds and, together with its expert operational partners, provides value-added services to help special companies reach critical milestones. This information is copyright © 2004-2007 The Walden Group, Inc. This information is provided as a service to the public but remains the intellectual property of The Walden Group, Inc and may not be reproduced in any manner without the written permission of The Walden Group, Inc. The information contained in the transactions table was derived from publicly available and other sources. Transaction analysis and other information are based, in part, upon public comments, Walden Group research and judgments, and reporting and research of others. The information is not intended to be relied upon as pronouncements by the transaction participants or for any other reason.

Dynamic Healthcare M&A Database - 4Q07