Anika Therapeutics Closes Acquisition of Arthrosurface
February 03 2020 - 4:30PM
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 completed its acquisition
of Arthrosurface, a leading, privately-held provider of joint
surface and preservation solutions for active patients.
Under the previously disclosed terms of the
agreement, Anika acquired all outstanding shares of Arthrosurface
in exchange for an upfront payment of approximately $60
million in cash from the company’s existing balance sheet,
subject to customary closing adjustments. Arthrosurface
shareholders will be eligible to receive an additional $40
million contingent upon the achievement of certain regulatory
and commercial milestones.
“This acquisition significantly enhances our
commercial capabilities in the U.S. and accelerates our product
platform strategy by further expanding our portfolio and pipeline
across the joint preservation and restoration continuum,” said
Sylvia Cheung, Chief Financial Officer of Anika Therapeutics. “We
are excited to begin working together to build a leading sports and
regenerative medicine company. I want to recognize the efforts of
our team for closing the Arthrosurface transaction on the heels of
the Parcus Medical acquisition and welcome the Arthrosurface team
to the Anika family.”
Arthrosurface’s product portfolio includes 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. The Arthrosurface executive team, led
by President and Chief Executive Officer Steven Ek, will join Anika
and continue to lead the Arthrosurface business innovation.
SVB Leerink LLC acted as exclusive
financial advisor to Anika and Sullivan & Cromwell
LLP acted as Anika’s legal counsel in connection with the
Arthrosurface 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 Arthrosurface 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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