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Smith & Nephew completes $50 million acquisition of Ceterix
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Smith & Nephew plc announced it completed acquisition of Ceterix Orthopaedics Inc., the developer of the NovoStitch Pro Meniscal Repair System, according to a company press release.
The cost of the Ceterix acquisition is $50 million and up to a further $55 million during the next 5 years, depending on fiscal performance.
“We are excited by the growth opportunities of the NovoStitch Pro at Smith & Nephew and are proud of the impact our technology has made in developing the meniscal repair market,” Justin Saliman, MD, founder and chief medical officer at Ceterix, said in the release.
The NovoStitch Pro is a device that addresses complex meniscal tear patterns by allowing surgeons to arthroscopically repair horizontal, radial, complex, bucket handle and root and vertical tears. According to the Smith & Nephew press release, NovoStitch Pro has received 510(k) clearance for sale in the United States.
“NovoStitch Pro is an outstanding technology that addresses an unmet clinical need. We are delighted to add this device to our sports medicine portfolio and are looking forward to the opportunities that come with it,” Brad Cannon, president of sports medicine and ENT at Smith & Nephew, said in the release.
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