DePuy Synthes acquires CrossRoads Extremity Systems, furthers foot and ankle portfolio
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DePuy Synthes has announced the acquisition of CrossRoads Extremity Systems, a company that specializes in lower extremity implants and instrumentation, according to a press release.
Depuy Synthes will absorb the portfolio of CrossRoads, which includes more than 25 products for use in elective foot and ankle surgeries, such as bunionectomies and osteotomies.
“At DePuy Synthes, we look at innovation with one goal in mind: to bring differentiated solutions to market to address the unmet needs of surgeons and patients around the world,” Oray Boston, worldwide president of trauma, extremities, craniomaxillofacial and animal health at DePuy Synthes, said in the release. “Healthy feet are a foundational element of overall good health, and we are thrilled about the acquisition of CrossRoads and the opportunity to accelerate meaningful innovation by strengthening our offering for elective foot and ankle procedures, enabling us to provide more comprehensive and leading-edge options to surgeons and patients,” Boston added.
Mike Mogul, president of HealthpointCapital, a private equity firm and majority investor in CrossRoads, also commented on the acquisition.
"Foot and ankle surgery is a high growth sector in orthopedics and the leading companies are searching for compelling, differentiated innovation,” Mogul said in a press release. “We worked together with the excellent CrossRoads team, [who] supported a massive increase in product launch velocity including acquisitions and significant development of the sales and marketing organizations as they created that compelling opportunity.”
Vernon Hartdegen, co-founder and CEO of CrossRoads, and Chad Hollis, co-founder and vice president of research and development of CrossRoads, will join DePuy Synthes, according to the release.
Reference:
https://www.healthpointcapital.com/press/healthpointcapital-announces-the-successful-sale-of-crossroads-extremity-systems-to-depuy-synthes-the-orthopaedics-company-of-johnson-johnson
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