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Strategic Initiatives

Anika Therapeutics to Acquire Parcus Medical and Arthrosurface -

Anika Therapeutics signed agreements to acquire Parcus Medical and Arthrosurface within 1Q20. The transactions diversify the company's revenue mix while expanding its product portfolio and pipeline. Parcus Medical provides direct access to ambulatory surgery centers, while Arthrosurface's pipeline and established direct hybrid sales model will accelerate ANIK's product platform strategy, firming the company's position in the sports and regenerative medicine spaces. ANIK gains 40 direct sales reps and 150 distributors in the U.S., as well as 70 ex-U.S. distributors. ANIK will acquire Parcus for an upfront payment of ~US $35 million in cash with an additional $60 million contingent upon achievement of certain commercial milestones. Parcus' estimated 2019 revenue is ~$13 million, +15% vs. 2018. ANIK will acquire Arthrosurface for an upfront payment of ~$60 million in cash with an additional $40 million contingent upon achievement of certain regulatory and commercial milestones. Arthrosurface's estimated 2019 revenue is ~$30 million, +10% vs. 2018.