Anika Therapeutics Closes Acquisition of Parcus Medical
January 24 2020 - 4:05PM
Anika Therapeutics, Inc. (NASDAQ: ANIK), a
global, integrated joint preservation and regenerative therapies
company with products leveraging its
proprietary
hyaluronic acid (HA) technology
platform, today announced it has closed its acquisition of
Parcus Medical, a leading, privately held sports medicine company.
Under the previously disclosed terms of the agreement, Anika
acquired all outstanding membership interests of Parcus Medical in
exchange for an upfront payment of approximately $35
million in cash from the company’s existing balance sheet,
subject to customary closing adjustments. Parcus Medical
unitholders will be eligible to receive an additional $60
million contingent upon the achievement of certain commercial
milestones.
“I want to congratulate our team on closing the Parcus Medical
transaction and officially welcome the Parcus Medical team to the
Anika family,” said Joseph Darling, President and Chief Executive
Officer of Anika Therapeutics. “This acquisition immediately adds a
diverse base of high-growth revenue and will help us achieve the
objectives we set forth in our five-year strategic plan. We can now
turn our attention to executing our integration plan and continuing
to transform Anika into a leading global sports and regenerative
medicine company.”
Parcus Medical has a diverse product family that helps
facilitate surgical procedures on the shoulder, knee, hip and
distal extremities. The acquisition significantly expands Anika’s
offerings into the fast-growing ambulatory surgical center market.
The Parcus Medical executive team, led by President Mark
Brunsvold, will join Anika and continue to lead the Parcus Medical
business.
SVB Leerink LLC acted as exclusive financial advisor to
Anika and Sullivan & Cromwell LLP acted as Anika’s
legal counsel in connection with the Parcus Medical
transaction.
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.
Forward-Looking StatementsThis press release
includes forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended, concerning, but not limited to,
the acquisition of Parcus Medical and the effects of the
acquisition. The Securities and Exchange
Commission ("SEC") encourages companies to disclose
forward-looking statements so that investors can better understand
a company’s future prospects and make informed investment
decisions. Forward-looking statements are subject to risks and
uncertainties, many of which are outside our control, which could
cause actual results to differ materially from these statements.
Therefore, you should not rely on any of these forward-looking
statements. Forward-looking statements can be identified by such
words as "will," "likely," "may," "believe," "expect,"
"anticipate," "intend," "seek," "designed," "develop," "would,"
"future," "can," "could," and other expressions that are
predictions of or indicate future events and trends and that do not
relate to historical matters. All statements other than statements
of historical facts included in this press release regarding our
strategies, prospects, financial condition, operations, costs,
plans, and objectives are forward-looking statements.
For Investor Inquiries: Anika Therapeutics, Inc. Sylvia Cheung,
781-457-9000 Chief Financial
Officerinvestorrelations@anikatherapeutics.com |
For Media Inquiries: W2O Group Jeremy Berrington, 312-241-1995
jberrington@w2ogroup.com |
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