LONDON (dpa-AFX) - Smith+Nephew (SN, SNN), a U.K.-based medical technology business, on Wednesday announced the acquisition of Florida-based Engage Surgical, owner of the only cementless unicompartmental (partial) knee system commercially available in the US.
The cost of the acquisition is up to $135 million contingent on sales performance. The acquisition was financed from existing cash and debt facilities.
The Engage Surgical Partial Knee System is a novel, modern cementless knee implant to serve a resurgent segment driven by the potential for better long-term fixation through biologic integration, shorter operating times, and the shift to Ambulatory Surgery Centers (ASCs).
The partial knee market, currently worth approximately $300 million in the US is expected to grow faster than the total knee market and by around 4% per annum through 2029 (Millennium Research Group, Inc). Smith+Nephew expects cementless partial knees will grow ahead of overall partial knees, in line with recent patterns seen in the cementless segment.
Shares of Smith & Nephew plc closed Tuesday's trading at $33.76, down $1.11 or 3.18 percent from previous close.
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