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Sale of Global Leader in Joint Preservation Incubated at Primo Medical Group
STOUGHTON, Mass., Jan. 13, 2020 /PRNewswire/ -- Primo Medical Group, a Massachusetts based medical device manufacturer and incubator, is pleased to announce the sale of its spin-off company Arthrosurface, to Anika Therapeutics.
Arthrosurface is a global leader in joint preservation technology and is one of six companies incubated or co-funded by Primo Medical Group over the last 20 years. The acquisition of Arthrosurface marks Primo Medical Groups third successful exit for one of its start-up companies. "To know we made a positive impact in the global market for medical devices is one of the most rewarding moments in the life cycle of medical device development. This acquisition proves the product value our teammates have tirelessly worked to create," said Steven Tallarida, President of Primo Medical Group.
"We are thrilled with the synergy and resources Anika will bring to Arthrosurface to expand the reach of its current network. Anika is the right partner to help Arthrosurface continue to grow well into the future," said Andrea Patisteas, Senior Executive Vice President at Primo Medical Group. "It's also important to mention Boston Millennia Partners, a private equity financing firm, for its support to Arthrosurface over the years," mentioned Patisteas.
Under the terms of the agreement, Anika will acquire all outstanding shares of Arthrosurface in exchange for a total consideration of $100 million, consisting of an upfront payment of approximately $60 million in cash from Anika's existing balance sheet, subject to customary closing adjustments, and $40 million contingent upon successful achievement of certain regulatory and commercial milestones. The transaction is scheduled to be complete in February.
About Primo Medical Group
Primo Medical Group offers the most comprehensive outsourcing solutions to the medical device market, including OEM product distribution services, engineering services, precision component production, finished goods assembly, medical device refurbishment, reusable surgical kit management and complete supply chain management. Established in 1953, Primo Medical Group is a privately held company with 4 facilities in Massachusetts. Primo Medical Group is an FDA Registered Contract Manufacturer and is compliant with FDA Quality Systems Regulations. Primo Medical Group is also ISO 13485:2016 certified, and is a registered manufacturer with the Office of Defense Trade Controls Compliance. Over the past 20 years Primo Medical Group has incubated and co-funded several new technologies including Angiolink Corporation (acquired by Medtronic), Spirus Medical, Inc. (acquired by Olympus), Cardiosolutions, Inc., Saphena Medical Inc., and Versago Vascular Access. The company will continue to pursue disruptive innovation in the medical device marketplace
About Arthrosurface, Inc.
Arthrosurface is a global leader in joint preservation technology, manufacturing less invasive joint replacements that are clinically proven to help patients stay active by increasing range of motion and reducing pain. The company's product portfolio features more than 150 different surface implant curvatures for the knee, shoulder, hip, ankle, wrist and toe that are designed to treat upper and lower extremity orthopedic conditions caused by trauma, injury and arthritic disease. More than 100,000 patients have been treated with Arthrosurface implants since the company was founded in 2002. Arthrosurface markets and distributes its products in the United States and around the world, with more than 5,000 surgeons currently using Arthrosurface products in more than 25 countries. For more information about Arthrosurface, please visit www.arthrosurface.com.
About Anika Therapeutics, Inc.
Anika Therapeutics, Inc. (NASDAQ: ANIK) is a global, integrated joint preservation and regenerative therapies company based in Bedford, Mass. Anika is committed to delivering therapies to improve the lives of patients across a continuum of care from osteoarthritis pain management to joint preservation and restoration. The company has more than two decades of global expertise commercializing more than 20 products based on its proprietary hyaluronic acid (HA) technology platform. For more information about Anika, please visit www.anikatherapeutics.com.
Sr. Executive Vice President
Primo Medical Group
SOURCE Primo Medical Group