I posted this list of links before, but I will re-post the content here (instead of making folks chase these links through my older post). This time I will add pertinent highlights from each Mazor press release so you can see what we might be looking at if the Mazor deal is the model for ours, since this apparently is Medtronic's acquisition method. https://investors.mazorrobotics.com/press-releases?item=128
May 2016, first PR, a co-development agreement and initial equity investment ($11.9M); milestones due end of 2017, 2 more tranches available with milestones met. https://investors.mazorrobotics.com/press-releases?item=133
Aug 2016, first milestone met in July so second tranche of $20M paid. https://investors.mazorrobotics.com/press-releases?item=149
Aug 2017, entering third phase of agreement early, third tranche of $40M paid, Medtronic assumes exclusive distribution of Mazor X system (Mazor's halo product) - still no public mention of acquisition but Mazor can't even sell the Mazor X system any more - not hard to know where this is going by now! https://investors.mazorrobotics.com/press-releases?item=151
Sept 2017, third tranche closed (the $40M above) plus MDT bought an additional 1.21M warrants (ADSs, actually - same difference) at a 15% premium over current share price. https://investors.mazorrobotics.com/press-releases?item=170
Sept 2018, acquisition announced, expected to close Jan 2019. https://investors.mazorrobotics.com/2018-11-19-Mazor-Robotics-Shareholders-Approve-Merger-Agreement-With-Medtronic
shareholders approve "merger" with 95% of votes cast in favor.
This last one is the last post under the old Mazor robotics web site; after that... they were Medtronic!
If our deal was a one shot deal for our tech, it would be done; there would be no tranches for upcoming milestones, they wouldn't give a freak about what we do with their money afterwards. The only reason we have to meet milestones is because it is a co-development effort whereby we are developing their single port offering for them to market after, and possibly even before, the acquisition closes.
The transfer of licensed rights to our patent portfolio is to have their (MDT's) ducks in a row legally and own the rights to the technology by the time they start to market the device. If someone wants a real project for full confirmation, they can start digging through patent websites to see if they can find similar IP transition documents for the Mazor/MDT deal; in my mind that would take this from 97% sure to 99.9% sure that this is exactly what is going on. Pretty strong odds no matter what.
In the first PR, they describe the three tranches and the third tranche is called a "potential third tranche" which hints that they wanted the option to complete the acquisition early. I'd be okay with that, too.
MDT set very achievable milestones with Mazor to ensure they could be met, and hence they were all met early and agreements were modified accordingly to speed up the acquisition. Our first milestone had a four month window and we hit it in two days. Our next milestone is due in October; I'm betting we hit it late August - maybe mid-September at the latest.
Folks, this is the highway that Medtronic has paved and they've driven this highway before. They know what they're doing, and if anyone can't see it with this step-by-step Medtronic Acquisition Guide laid out for them, then they have an ulterior motive.
The deal closes in December 2018. 19 months start to finish from a PR standpoint, but again, there had to be some prep work in advance that both parties were involved in; I still figure the Titan/MDT deal has been in the works since late January/early February.