Conmed (NYSE:CNMD) this week announced a definitive agreement to acquire medtech startup Biorez.
The company will acquire Biorez to enhance its sports medicine soft tissue healing portfolio. It plans to acquire the company on a cash-free, debt-free basis, for a cash consideration of $85 million at closing with up to an additional $165 million in growth-based earnest payments over a four-year period.
Conmed expects the acquisition to add approximately $1 million in revenue to its full-year 2022 revenue guidance.
“The addition of Biorez and its BioBrace platform represents an important step forward for our sports medicine portfolio,” Conmed President and CEO Curt Hartman said in a news release. “BioBrace fits seamlessly into our existing suite of products, and we are excited to advance the next generation of healing in sports medicine. BioBrace represents the type of high-growth, high-margin platform that drives our long-term vision for Conmed.”
New Haven, Connecticut–based Biorez develops the BioBrace implant technology, which is a bioinductive scaffold that reinforces soft tissue where weakness exists to facilitate healing. It is cleared for use by the FDA.
“I am proud of the Biorez team for developing an innovative healing solution that provides a new treatment option for surgeons and patients. We are thrilled to join CONMED to accelerate the growth of our technology on a global scale,” Biorez CEO Kevin Rocco said.