Smith & Nephew (NYSE:SNN) said today that it completed its $50 million acquisition of Ceterix Orthopaedics and its NovoStitch Pro meniscal repair system.
The deal could bring in an additional $55 million, according to Smith & Nephew, based on financial performance.
The NovoStitch Pro device enables surgeons to repair arthroscopically horizontal, radial, complex, bucket handle and root tears, as well as vertical tears. Smith & Nephew noted that the device complements its own Fast-Fix 360 meniscal repair system, which is designed for vertical tears.
“NovoStitch Pro is an outstanding technology that addresses an unmet clinical need. We are delighted to add this device to our Sports Medicine portfolio and are looking forward to the opportunities that come with it,” Brad Cannon, president of Smith & Nephew’s sports medicine & ENT unit, said in prepared remarks.
“We are excited by the growth opportunities of the NovoStitch Pro at Smith & Nephew and are proud of the impact our technology has made in developing the meniscal repair market,” Ceterix founder & CMO Dr. Justin Saliman added.
Smith & Nephew first announced the deal in December last year.
