The Trendlines Group has announced the 100% acquisition of its 26.9%-owned (fully diluted) portfolio company, OrthoSpin Ltd. by Synthes GMBH (part of DePuy Synthes, the Orthopaedics company of Johnson & Johnson).

The consideration is a total of US$79.5 million in cash, payable in full upon closing which is expected in the next few weeks.

The total net proceeds for Singapore-listed Trendlines from the acquisition will be US$15.8 million after expenses.

This represents a 165% internal rate of return on Trendlines’ total cash investment in OrthoSpin of US$1.3 million.

Following the sale of OrthoSpin, Trendlines will be in a position to pay a dividend to shareholders for FY21, the first since its listing in Nov 2015.

(See also: 

OrthoSpin CEO Oren Cohen: "I look forward to continuing our journey with DePuy Synthes to bring a real revolution to the hexapod bone deformity market.” Photo: Trendlines

The fair value of Trendlines’ holdings in OrthoSpin was approximately US$ 6.6 million as of 30 June 2021.

The Acquisition will have a material positive impact on the net tangible assets per share and earnings per share of Trendlines for the financial year ending 31 December 2021.

Stock price

10.5 c


8.1 – 12.3 cts

PE (ttm)


Market cap

S$83 m

Shares outstanding

791.2 m



1-year return


Source: Yahoo!

For the financial year ending 31 December 2021, Trendlines will report a US$9.2 million gain from the Acquisition; this is in addition to the increased value in the holding of OrthoSpin in H1 2021 of US$3.9 million.

OrthoSpin’s automated, digitally-enabled strut system, the AutoStrut G2 System, offers an exciting new solution to the external circular fixation market used in bone lengthening, setting complex fractures, and correcting limb deformities.

With this cutting-edge technology, circular frame strut adjustments are automated and can be broken down into smaller, more frequent intervals, eliminating the need for patients to perform complex manual strut adjustments.

OrthoSpin’s concept was first brought to Trendlines by Liraz Shlomoff and Yoni Epstein, serial entrepreneurs in the medical device field.

OrthoSpin received FDA clearance for its latest device in January 2021 and has completed initial clinical cases in the U.S. and Israel.

Johnson & Johnson Innovation (“JJDC”) led two investment rounds.

Trendlines was OrthoSpin’s founding investor and participated in additional financings for the Company.

OrthoSpin also received support from the Israel Innovation Authority.

Trendlines Chair and CEO Todd Dollinger commented, “We’re extremely proud of all that OrthoSpin has achieved culminating in an acquisition by a world leader in healthcare. Oren Cohen as CEO and Dr. Assaf Dekel as Active Chair of OrthoSpin did a remarkable job leading the Company and creating a technology that transforms treatment. The OrthoSpin success story is part of our mission of investing to improve the human condition.”

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