Smith & Nephew PLC (LON:SN) has bought Ceterix Orthopaedics for $50 million, with a further $55 million over the next five years, based on performance.
Ceterix Orthopaedics is the developer of the NovoStitch® Pro Meniscal Repair System, a unique device allowing surgeons to repair complex meniscal tear patterns.
Brad Cannon, President Sports Medicine and ENT at Smith & Nephew said: “NovoStitch Pro is an outstanding technology that addresses an unmet clinical need. We are delighted to add this device to our Sports Medicine portfolio and are looking forward to the opportunities that come with it.”
Justin Saliman, Founder and Chief Medical Officer at Ceterix said: “We are excited by the growth opportunities of the NovoStitch Pro at Smith & Nephew and are proud of the impact our technology has made in developing the meniscal repair market.”
Smith & Nephew, an advanced medical technology company supports healthcare professionals in more than 100 countries worldwide and employs more than 15,000 people.
It has manufacturing facilities in the UK, USA, Germany, Switzerland, Canada, India, China and Costa Rica. Annual sales in 2017 were almost $4.8 billion.