Surgical robotic system developer Mazor Robotics Ltd. (Nasdaq: MZOR; (TASE:MZOR) reported today that global medical equipment company Medtronic had made a $20 million milestone payment for a 3.4% stake in the company as part of its strategic agreement. The investment follows the launch of Mazor X, a high precision spinal surgery guidance system, which will be jointly marketed by the companies. RELATED ARTICLES Mazor unveils spine surgery guidance system Mazor jumps in wake of Medtronic agreements Medtronic also had the option of buying 6% of the company's shares but chose to make the smaller investment. Since the signing of the agreement, Mazor's shares have jumped 120%; had Medtronic chosen to buy 6% of the company, it might have had to pay a lot more than it had planned. So far, Medtronic has invested in Mazor twice, the first investment had followed the signing of the commercial agreement and the second one now, an overall of $31.9 million for 7.27% of the company's shares. Both investments have been made at an average market price 20 days before the investment. Today, Mazor's share has risen 2% and the company is being traded at a market cap of NIS 2 billion. Published by Globes [online], Israel business news - www.globes-online.com - on August 15, 2016 © Copyright of Globes Publisher Itonut (1983) Ltd. 2016
