Smith & Nephew PLC said on Tuesday it has agreed to acquire Ceterix Orthopaedics Inc, the developer of the NovoStitch Pro Meniscal Repair System, for up to USD105 million.
The device, described by Smith & Nephew as “unique”, addresses complex meniscal tear patterns which the company said are not adequately served by other repair systems. The FTSE 100 constituent said the acquisition is highly complementary to its own FAST-FIX 360 Meniscal Repair System, which addresses vertical tears.
The cash consideration comprises an initial payment of USD50 million, and up to a further USD55 million over the next five years, dependent on Ceterix’s financial performance.
The deal is expected to close early in 2019, and will be financed from Smith & Nephew’s existing cash and debt facilities.
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“NovoStitch Pro is an outstanding technology that addresses an unmet clinical need,” said Brad Cannon, Smith & Nephew president of Sports Medicine and ENT. “We are excited by the opportunities to take this new option to our customers. No other company is better positioned to support changing clinical practice as the standard for meniscal treatment pivots from resection to repair.”
Date: December 24, 2018
Source: MorningStar