Proteor USA, a wholly owned subsidiary of the France-based Proteor Group, has signed a deal with Ottobock to acquire a number of lower limb prosthetics products from Freedom Innovations.
The financial terms of the transaction were not disclosed.
Proteor and Ottobock signed the deal in September and it is expected to close by the end of the year.
According to the agreement, the company will obtain a range of Freedom Innovations’ key offerings, including its Plié3 microprocessor knee, Kinnex and Kinterra ankles, as well as Agilix, Highlander, Dynadapt, Sierra and Pacifica feet products.
The addition of Freedom Innovations’ products is expected to bolster Proteor’s lower limb prosthetics portfolio.
Additionally, the companies will combine their teams in the US and Europe and expand worldwide with the aim of facilitating better outcomes for prosthetists and their patients.
Proteor COO and Managing Board member Edouard Archambeaud said: “Through the acquisition of a significant portion of Freedom Innovations, Proteor is eager to combine the teams in the US and Europe and expand globally, thereby providing a clear choice to prosthetists and their patients for enhanced outcomes.”
Proteor US states president and CEO Matthew Swiggum added: “We are dedicated to providing inventive, dependable products to the orthotic and prosthetic community that offer increased independence with an outstanding product portfolio. Working with the passionate and skilled team at Freedom Innovations is a pleasure we are all looking forward to.”
The proposed transaction will complement Proteor’s recent acquisition of Ability Dynamics’ RUSH Foot portfolio.
The terms of the transaction are subject to the final approval of the Commissioners of the US Federal Trade Commission (FTC).
It needs to satisfy Ottobock’s obligations under the order from the FTC to divest certain assets from Freedom Innovations.
Once the companies receive approval from the FTC, Proteor USA will integrate a significant number of Freedom Innovations team members in manufacturing, sales, marketing, R&D and clinical from Gunnison, Utah, California, US, and Germany.