22nd Jan 2019 15:22
LONDON (Alliance News) - Medical technology company Smith & Nephew PLC on Tuesday said it has completed the acquisition of Ceterix Orthopaedics Inc for USD50 million plus up to another USD55 million based on performance.
Ceterix is focused entirely on treatments for the meniscus. The meniscus is responsible for shock absorption between the thigh and shin bones and meniscus tears are among the most common knee injuries.
Further to this, Ceterix developed the NovoStitch Pro Meniscal Repair System, which enables surgeons to repair multiple types of meniscus tears.
Smith & Nephew said the acquisition, first announced at the end of last year, is "highly complementary" to its own Fast-Fix 360 Mensical Repair System, which can repair only vertical tears.
At present, over 1.2 million mensical tears are treated through surgery in the US, with between just 15% and 20% of these treated with repairs rather than removing the meniscus.
In the medium term, Smith & Nephew is looking to double this proportion of repairs with products such as Fast-Fix 360 and NovoStitch Pro.
NovoStitch Pro is to be sold through Smith & Nephew's sports medicine sales force, as well as via Ceterix's own sales force.
At present, NovoStitch Pro has 501k clearance for US sale.
"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," said Brad Cannon, president of Sports Medicine and the Ear, Nose, and Throat business at Smith & Nephew.
Shares in Smith & Nephew were down 2.4% at 1,436.00 pence on Tuesday afternoon.
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