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Smith & Nephew acquires Ceterix Orthopaedics for meniscal repair system
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Smith & Nephew announced it has entered into an agreement to acquire Ceterix Orthopaedics Inc. for the NovoStitch Pro Meniscal Repair System.
According to a press release, the device addresses complex meniscal tear patterns. Smith & Nephew will reportedly pay a cash consideration of $50 million initially and up to an additional $55 million during the course of 5 years, dependent on financial performance. The NovoStitch reportedly provides surgeons a broader range of meniscal tear types to repair arthroscopically. The device will be sold through Smith & Nephew’s sports medicine sales force and Ceterix’s sales force. The system has FDA 510(k) clearance in the United States.
“NovoStitch Pro is an outstanding technology that addresses an unmet clinical need,” Brad Cannon, president of sports medicine and ENT at Smith & Nephew, said in the release. “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.”
The transaction between Smith & Nephew and Ceterix Orthopaedics is expected to close in early 2019 and is subject to satisfaction of customary conditions. Existing cash and debt facilities will be used to finance the acquisition.
Reference:
www.smith-nephew.com