CONMED Corporation has entered into an agreement to acquire New Haven-based medical technology company Biorez Inc.
The deal is for cash consideration of $85 million at closing, with up to an additional $165 million in growth-based earnout payments over a four-year period, according to an announcement.
CONMED, a medtech headquartered in Largo, Florida, anticipates the closing to be finalized early this month.
CONMED provides surgical devices and equipment ranging from suture anchors to power tools to products used for cartilage and tissue grafts. Its products are used in various specialties, such as orthopedics, gynecology, thoracic surgery, gastroenterology and general surgery.
Biorez is known for its FDA-approved BioBrace implant technology. The implant acts as a scaffold to reinforce soft tissue and help the healing process for procedures including knee and rotator cuff surgeries, according to the company.
Curt R. Hartman, president, CEO and board chair for CONMED, said the addition of Biorez and its BioBrace technology is an “important step forward” for CONMED’s sports medicine portfolio.
“BioBrace fits seamlessly into our existing suite of products, and we are excited to advance the next generation of healing in sports medicine,” Hartman said.
Kevin Rocco, Biorez’s CEO, said joining CONMED will accelerate the growth of Biorez’s technology globally.
CONMED expects the acquisition will add roughly $1 million to its revenue in 2022.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
