Medartis Holding AG (SIX: MED) announced today that it has completed the acquisition of Nextremity Solutions Inc., a strategic commercialization organization located in Warsaw, Indiana. The total purchase price for the transaction will be up to $70 million and includes milestone and earn-out payments of up to $30 million.
BASEL, Switzerland, May 3, 2022 /PRNewswire-PRWeb/ -- This acquisition, which was announced on March 7, 2022, will enable Medartis to further accelerate its US extremities business by gaining access to a comprehensive product pipeline, strong relationships to US design surgeons and an experienced R&D team. This transaction will provide significant growth opportunities in the US extremities market and potentially elsewhere. Medartis also acquires a modern regional manufacturing base and a complementary leadership organization.
The acquisition of Nextremity Solutions Inc. (NSI) will be consolidated as of today. The first products with significant sales potential are expected to be launched in early 2023 and will therefore not have a material impact on the company's sales guidance in 2022. To maximize the business impact, the two organizations are synergistically merged as of today. As part of this merger, NSI's CEO, Rod K. Mayer, is appointed President of Medartis US as a non-executive member. Rod is a highly-experienced industry expert with a long and distinguished track record in sales and product development in the medical devices industry. In his role, he will report directly to CEO Christoph Brönnimann and lead Medartis' US organization, focusing specifically on leading the US sales force.
Medartis will continue to base its local organization in Exton (Pennsylvania) and Warsaw (Indiana) in accordance with the functional area, while product development and manufacturing will be located at NSI's former headquarters. "I am honored and excited to lead the combined Medartis US team. We intend to build on our shared vision and common culture to deliver meaningful innovation for our customers. I believe this is an impactful combination that will support an attractive growth trajectory in the future," commented Mayer.
Lisa C. Thompson, President North America, has decided to resign following the successful reorganization of the US business and the acquisition of NSI. She will support Rod K. Mayer during the transition phase and plans to resume her consulting activities in the medical device industry. CEO Christoph Brönnimann commented: "I am delighted that Rod K. Mayer and the rest of NSI's leadership team are complementing our US organization. I would like to express my gratitude to Lisa for her dedication and commitment to this company. Lisa has repositioned our US organization over the past two years, shaping it into a sustainable, competitive, and customer-centric sales organization. I wish her the very best in her future endeavors."
About Medartis
Founded in 1997 and headquartered in Basel, Switzerland, Medartis is one of the world's leading manufacturers and providers of medical devices for surgical fixation of bone fractures for upper and lower extremities as well as for the craniomaxillofacial region. Medartis employs approx. 700 individuals across its 14 locations, with products offered in over 50 countries globally. Medartis is committed to providing surgeons and operating theatre personnel with the most innovative titanium implants and instruments as well as best-in-class service. For more information, please visit http://www.medartis.com.
About Nextremity Solutions, Inc.
Nextremity Solutions, Inc. is a privately held Strategic Commercialization Organization (SCO) with a focus on lower and upper extremity, trauma, sports medicine and joint preservation, offering innovative solutions and Revenue Ready products for various extremity musculoskeletal applications. The company's procedure-ready, sterile implant systems include uniquely precise, proprietary technology designed to achieve repeatable and superior clinical outcomes. For more information, please visit http://www.nextremity.com.
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This communication does not constitute an offer or invitation to subscribe for or purchase any securities of Medartis Holding AG. This publication may contain certain forward-looking statements and assessments or intentions concerning the company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the company to be materially different from those expressed or implied by such statements. Readers should therefore not place reliance on these statements, particularly not in connection with any contract or investment decision. The company disclaims any obligation to update these forward-looking statements, assessments or intentions. Further, neither the company nor any of its directors, officers, employees, agents, counsel or advisers nor any other person makes any representation or warranty, express or implied, as to, and accordingly no reliance should be placed on, the accuracy or completeness of the information contained herein or of the views given or implied.
Media Contact
Dave Temple, Nextremity Solutions, Inc., 1 574-635-3022, [email protected]
SOURCE Nextremity Solutions, Inc.
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