Conformis, restor3d enter definitive merger agreement
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Key takeaways:
- restor3d will acquire Conformis at $2.27 per share.
- The transaction was unanimously approved by the Conformis board of directors.
Conformis and restor3d have announced a merger agreement under which restor3d will acquire all outstanding Conformis common stock at $2.27 per share, according to a company press release.
“This combination will create a leading personalized 3D-printed medical device company,” Kurt Jacobus, CEO of restor3d, said in the release. “By leveraging the strengths in our respective portfolios around artificial-intelligence-driven implant design, digital automation and 3Dprinted osseointegrative biomaterials, we see tremendous opportunity to offer clinically differentiated and cost-effective solutions across the orthopedic landscape, including shoulder, foot [and] ankle, spine and large joints.”
According to Mark Augusti, CEO of Conformis, the transaction was approved unanimously by the Conformis board of directors. The closing of the transaction is expected by the end of the third quarter of 2023, according to the release.
“After nearly 20 years of revolutionizing the orthopedic industry with personalized treatment and patient choice, this transaction is a testament to the value of our portfolio and the strength of our core technology and intellectual property,” Augusti said in the release. “We are excited to enter the next chapter for Conformis with restor3d, which allows us to continue helping patients live productive lives after knee or hip surgery and providing the surgeon community with innovative products and services,” he added.
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