Smith & Nephew has agreed to purchase US-based medical device developer Ceterix Orthopaedics in a bid to expand its meniscal repair portfolio.
British medical technology company Smith & Nephew will initially pay $50m in cash and up to $55m over the next five years depending on financial performance.
Ceterix Orthopaedics is focussed on meniscal preservation. Its NovoStitch Pro Meniscal Repair System is designed to help address complex meniscal tear patterns.
Surgeons can use NovoStitch Pro to arthroscopically repair a variety of meniscal tear types such as horizontal, radial, complex, bucket handle, root and vertical tears.
The device is expected to complement Smith & Nephew’s FAST-FIX 360 Meniscal Repair System, which is used for treating vertical tears.
Smith & Nephew sports medicine and ENT president Brad Cannon said: “NovoStitch Pro is an outstanding technology that addresses an unmet clinical need.
“We are excited by the opportunities to take this new option to our customers. No other company is better positioned to support changing clinical practice as the standard for meniscal treatment pivots from resection to repair.”
Smith & Nephew intends to commercialise the NovoStitch Pro device through its sports medicine sales force, as well as Ceterix Orthopaedics’ existing dedicated sales force.
Ceterix Orthopaedics CEO John McCutcheon said: “We are proud of the impact our technology has made in developing the meniscal repair market and are excited by the opportunity to reach many more customers and their patients as an integrated part of Smith & Nephew’s extensive portfolio.”
The acquisition is subject to customary conditions and is set to be completed early next year.
Smith & Nephew signed a similar agreement in October last year to takeover US-based tissue regeneration technology developer Rotation Medical.