Healthcare company Generex Biotechnology has completed the acquisition of surgical devices firm Pantheon Medical – Foot & Ankle for an undisclosed amount.
The deal covers all Pantheon Medical assets, including business operations, accounts receivable and inventory, contracts, real estate along with a US Food and Drug Administration (FDA) letter regarding balanced plating system.
Generex agreed to a non-cash transaction, paying in stock. Originally announced in January, the transaction also includes additional cash and stock consideration based on the fulfilment of select sales and profit milestones.
Generex Biotechnology CEO Joe Moscato said: “Pantheon not only adds immediate revenues and profits to the NuGenerex family of companies, but also brings significant upside opportunities for new FDA-approved product introductions over the next several years.
“This acquisition once again demonstrates Generex’s commitment to providing end-to-end solutions that enhance physician’s practice and improve outcomes for patients.”
Pantheon Medical – Foot & Ankle is engaged in the manufacture of specialty orthopedic surgery products.
It started operations in 2014 with an all-in-one kit including plates, screws and tools that are needed for orthopedic surgeons and podiatrists performing foot and ankle surgeries.
Over the next three years, the firm will work on the development of new products that include cannulated surgical screws, surgical staples, and a proprietary Hammertoe System.
The company will also focus on seeking FDA approval for these new products.
Pantheon Medical CEO Travis Bird said: “Our standard all-in-one kits provide surgeons with an integrated kit of the implants, plates, screws and clips to perform 80% of their surgeries, and the kits can be customised for physician preference, offering convenience and performance at an economic price.
“We expect that Generex and the NuGenerex MSO will benefit greatly from our partnership and we look forward to bringing our FDA cleared line of surgical products to the network.”
NuGenerex MSO is Generex’s new division with a pharmacy network, clinical diagnostic lab and medical equipment company.