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.
Contact:
Andrea Patisteas
Sr. Executive Vice President
Primo Medical Group
781.828-4400
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SOURCE Primo Medical Group