Medical technology company Enovis has entered a definitive agreement for the acquisition of the Novastep business from French surgical devices provider Amplitude Surgical.
Through the acquisition, Enovis aims to boost its position in the global foot and ankle market.
Novastep is engaged in the development of solutions for extremities surgery, which covers the foot and ankle.
The company’s extremities business reported revenues of €17.7m in the fiscal year ending 30 June 2022.
Amplitude Surgical CEO Olivier Jallabert said: “The signing of this agreement for the sale of 100% of Novastep to Enovis will allow Amplitude Surgical to maximise the value creation of its historical activity while continuing its growth trajectory.
“We are delighted that a prestigious company such as Enovis, with whom we share the same values, can take over the development of Novastep, whose innovative solutions are unanimously recognised by the professional healthcare community.
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“I would like to thank the management of Novastep for this journey that created a leading player in minimally invasive surgery in foot and ankle solutions.”
The company expects the sale proceeds from the transaction to be in the range of more than €68m, subject to usual adjustments.
Following the receipt of regulatory approvals, the deal is expected to be concluded in the second quarter of the year.
Enovis CEO Matt Trerotola said: “Adding Novastep to our growing foot and ankle business is an important step in the execution of our strategic priorities and a great example of our focus on MedTech innovation that drives growth while improving patient outcomes.
“We are excited to expand our portfolio of clinically differentiated foot and ankle solutions and accelerate our international strategy with Novastep’s market-leading innovation and advanced technology.”
Novastep’s product portfolio includes forefoot and midfoot solutions.
As well as minimally invasive solutions, the forefoot portfolio covers traditional treatments for complex deformities such as hallux valgus, hammertoe and metatarsalgia.
The midfoot product portfolio consists of solutions to address intricate abnormalities across the midfoot.
Based in Valence, France, Amplitude Surgical is involved in the development and marketing of high-end products for the treatment of orthopaedic disorders that affect the hip, knee and extremities.