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8/10/22 Update: This transaction is complete.
CONMED announced a definitive agreement to acquire Biorez on a cash-free, debt-free basis, for cash consideration of $85 million at closing, subject to adjustment, and up to an additional $165 million in growth-based earnout payments over a four-year period. The transaction is expected to close in early August 2022.
Biorez is a medical device start-up focused on advancing the healing of soft tissue using its proprietary BioBrace® Implant technology. BioBrace is a bioinductive scaffold that is intended to reinforce soft tissue where weakness exists and facilitate healing. BioBrace® is FDA-cleared in multiple product sizes.
The BioBrace implant is designed to reinforce tendon and ligament procedures by providing balance of strength for reinforcement of tissue and a porous biologic scaffold for regeneration of tissue.
“The addition of Biorez and its BioBrace platform represents an important step forward for our sports medicine portfolio,” said Curt R. Hartman, CONMED’s Chair of the Board, President and Chief Executive Officer. “BioBrace fits seamlessly into our existing suite of products, and we are excited to advance the next generation of healing in sports medicine. BioBrace represents the type of high-growth, high-margin platform that drives our long-term vision for CONMED.”
Kevin Rocco, Chief Executive Officer of Biorez added, “I am proud of the Biorez team for developing an innovative healing solution that provides a new treatment option for surgeons and patients. We are thrilled to join CONMED to accelerate the growth of our technology on a global scale.”
CONMED expects this acquisition to add approximately $1 million in revenue to its recently-provided full-year 2022 revenue guidance.
The transaction was preceded in June 2022 by CONMED’s purchase of In2Bones, a global developer, manufacturer and distributor of devices for the treatment of disorders and injuries of the upper (hand, wrist, elbow) and lower (foot and ankle) extremities.
Source: CONMED Corporation
8/10/22 Update: This transaction is complete.
CONMED announced a definitive agreement to acquire Biorez on a cash-free, debt-free basis, for cash consideration of $85 million at closing, subject to adjustment, and up to an additional $165 million in growth-based earnout payments over a four-year period. The transaction is expected to...
8/10/22 Update: This transaction is complete.
CONMED announced a definitive agreement to acquire Biorez on a cash-free, debt-free basis, for cash consideration of $85 million at closing, subject to adjustment, and up to an additional $165 million in growth-based earnout payments over a four-year period. The transaction is expected to close in early August 2022.
Biorez is a medical device start-up focused on advancing the healing of soft tissue using its proprietary BioBrace® Implant technology. BioBrace is a bioinductive scaffold that is intended to reinforce soft tissue where weakness exists and facilitate healing. BioBrace® is FDA-cleared in multiple product sizes.
The BioBrace implant is designed to reinforce tendon and ligament procedures by providing balance of strength for reinforcement of tissue and a porous biologic scaffold for regeneration of tissue.
“The addition of Biorez and its BioBrace platform represents an important step forward for our sports medicine portfolio,” said Curt R. Hartman, CONMED’s Chair of the Board, President and Chief Executive Officer. “BioBrace fits seamlessly into our existing suite of products, and we are excited to advance the next generation of healing in sports medicine. BioBrace represents the type of high-growth, high-margin platform that drives our long-term vision for CONMED.”
Kevin Rocco, Chief Executive Officer of Biorez added, “I am proud of the Biorez team for developing an innovative healing solution that provides a new treatment option for surgeons and patients. We are thrilled to join CONMED to accelerate the growth of our technology on a global scale.”
CONMED expects this acquisition to add approximately $1 million in revenue to its recently-provided full-year 2022 revenue guidance.
The transaction was preceded in June 2022 by CONMED’s purchase of In2Bones, a global developer, manufacturer and distributor of devices for the treatment of disorders and injuries of the upper (hand, wrist, elbow) and lower (foot and ankle) extremities.
Source: CONMED Corporation
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JV
Julie Vetalice is ORTHOWORLD's Editorial Assistant. She has covered the orthopedic industry for over 20 years, having joined the company in 1999.
