website – https://engagesurgical.com/
Smith+Nephew (NYSE:SNN) announced today that it acquired Engage Surgical and its cementless unicompartmental (partial) knee system.
The total cost of the acquisition will reach up to $135 million, contingent on sales performance. Smith+Nephew funded the acquisition from existing cash and debt facilities.
Orlando, Florida–based Engage Surgical designed its partial knee system as a novel, modern, cementless knee implant aiming at seizing the potential for better long-term fixation through biologic integration, shorter operating times and a shift to ambulatory surgery centers (ASCs).
The company’s platform is the only cementless unicompartmental knee system commercially available in the U.S., according to a news release.
London-based Smith+Nephew said the acquisition supports its growth strategy while providing differentiation for its customers.
“Smith+Nephew is now the only medical device company offering both cemented and cementless partial knee implants in the U.S., as well as robotics assistance through the Cori surgical system that is well-suited for the precise alignment needed,” said Randy Kilburn, Smith+Nephew EVP & GM of Reconstruction, Robotics & Digital.
Kilburn said in the release: “Through our sports medicine franchise, we have an established, strong position in ASCs where the vast majority of partial knees in the U.S. are performed. Our Visionaire business, the high performance and small footprint of Cori, plus our partial knee portfolio, is a uniquely compelling offering for customers.”
The company said Engage’s system is optimized for robotics and will have an application with the Cori system in the future while also complementing Smith+Nephew’s focus on serving the growing outpatient market and driving market expansion in the U.S., among other markets.
“The Engage Surgical team is excited about joining Smith+Nephew to help expand the impact of the Engage Surgical partial knee system and integrating it with the Cori surgical system,” Engage Surgical CEO Dan Justin said. “Smith+Nephew is well-suited and well-prepared to continue our mission of providing better outcomes for knee arthroplasty patients.”