An implantable fixation device for rejoining opposed portions of a separated bone. The device including two corresponding plates that are configured to be aligned and coupled to a bone, such as a sternum, pre-resection of the bone or prior to cutting/separating the bone. The placement of the corresponding plates provides a gap between the edges of the plates that face one another allowing for and guiding a cutting tool for separating the bone. After the bone has been cut and the desired surgical procedure performed, the plates also assist in realigning and fixation of the bone portions. At least one plate includes a ratchet mechanism that is configured to tighten a locking element and draw the two plates together and into alignment with one another.