Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

ConMed to Acquire Biorez for USD 85m in Cash.

Document Cited in Related
Vincent

MANews-(C)2009-2022

US-based medical technology company ConMed Corp. (NYSE: CNMD) has inked a definitive agreement to acquire US-based medical device start-up Biorez, Inc for cash consideration of USD 85m at closing, the company said.

Consideration will include up to an additional USD 165m in growth-based earnout payments over a four-year period.

The transaction is expected to be financed through the company's existing credit facility.

The transaction is expected to close in early August 2022.

Biorez is a medical device start-up based in New Haven, CT and is focused on advancing the healing of soft tissue using its proprietary BioBrace Implant technology.

The BioBrace implant is an innovative bioinductive scaffold that is intended to reinforce soft tissue where weakness exists and facilitate healing.

BioBrace is cleared for use by the FDA in multiple product sizes.

ConMed said it expects this acquisition to add approximately USD 1m in revenue to its recently provided full-year 2022 revenue guidance.

ConMed expects the acquisition to be approximately USD 0.10 to USD 0.15 dilutive to adjusted cash earnings per share in 2022 and 2023, and accretive thereafter.

Therefore, ConMed now expects full-year 2022 adjusted diluted net earnings per share...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT