The deal called for the British orthopedics and wound care giant to pay $125 million in up-front cash, with another $85 million on the line over the next five years in financial milestones.
Plymouth, Minn.-based Rotation’s bioinductive implant is designed to induce new tissue growth after a patient suffers a rotator cuff tendon tear. The device won FDA clearance in March 2014. Today Smith & Nephew said filing is being prepared for CE Mark approval in the European Union.
When the deal was announced in October, Smith & Nephew said it plans to sell the Rotation implant both via its own and Rotation’s sales forces in the U.S. as it prepares to file for a CE Mark.