TranS1, a Nasdaq-listed medical device maker, has agreed to acquire Baxano, a US-based developer of spinal devices backed by healthcare provider Kaiser Permanente’s eponymous corporate venturing unit. TranS1 is paying $23.6m, including $550,000 in cash on Baxano’s balance sheet and refinancing $3m of the target’s debt. Baxano had raised $58.6m from Kaiser Permanente Ventures and venture capital firms CMEA Capital, Affinity Capital Management, Prospect Venture Partners, Three Arch Partners and Kearny Venture Partners. In June 2010, Baxano raised $30m in its series C round, $20m in its B round in 2008 and $8.6m series A the year before in 2007.

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