Conmed has signed a definitive agreement for the acquisition of US-based medical device manufacturer In2Bones Global for $145m in cash consideration at closing.
The acquisition, which will be made on a cash-free, debt-free basis, also includes additional growth-based earnout payments of up to $110m for four years.
Conmed board chair, president and CEO Curt Hartman said: “This acquisition is a natural strategic extension of our orthopaedic portfolio.
“In2Bones is an exciting platform for Conmed to enter the extremities market given its broad portfolio, extensive sales channel and experienced leadership team.”
In2Bones develops, manufactures and supplies medical devices globally to treat disorders and injuries in the upper (hand, wrist, elbow) and lower (foot and ankle) extremities.
Implants, fracture systems, biologics and related hardware are part of the company’s comprehensive product portfolio.
In2Bones president and CEO Alan Taylor said: “Our talented team has worked tirelessly to build a comprehensive and efficient set of solutions focused on successful reproducible outcomes for extremities surgery, and we are excited to join Conmed.
“The Conmed team clearly shares our focus on people and clinical innovation to address unmet needs, and we look forward to continuing to advance our solutions and deliver them to patients across the globe.”
Conmed plans to integrate In2Bones’ portfolio and commercial team into its existing infrastructure.
Additionally, Conmed expects the acquisition to add around $20m to its revenue in the second half of the year, based on the anticipated closing date.
The deal is not subject to a financing condition but is awaiting customary closing conditions, including receipt of US regulatory approval.
It is slated for completion late in the second quarter or early in the third quarter of the year.