Implanet announces the planned divestment of its knee prosthesis in order to devote itself to its spine business.
The company had announced in previous press releases its intention of refocusing on its spine business to position itself as a benchmark player on this segment in France and abroad. This strategy led to the acquisition of OSD in 2021.
In keeping with this strategic orientation, Implanet today announces that it has entered into exclusive negotiations with SERF, part of the Menix Group, with the intention to divest its MADISON™ knee prosthesis business.
This divestment would involve the entire MADISON business relating to the design and marketing of implants for knee prosthesis surgery. To facilitate the operation and ensure the continuity of regulatory obligations, this operation will also be the subject of a contract covering a transition period during which the products will be manufactured by Implanet and distributed exclusively by SERF.
This activity, which generated annual revenue of €2.12 million (~USD $2.5 million) in 2020, would be divested for an estimated sum of up to €5.5 million (~$6.5 million), which could be adjusted in accordance with the value of the net tangible assets on the effective date of the divestment, with payments made in installments depending on the completion of the various regulatory stages.
The divestment is expected to take place before the end of the final quarter of 2021.