CONMED Corporation (NYSE:CNMD) has entered into a definitive agreement to acquire Biorez, Inc. for $250 million on August 1, 2022. The consideration of $85 million will be paid at closing, subject to adjustment, and up to an additional $165 million in growth-based earnout payments over a four-year period. CONMED Corporation paid $83.7 million as of December 31, 2022, with a $1.8 million holdback, pursuant to the merger agreement for the Biorez Acquisition. The transaction is expected to be financed through was funded through a combination of cash on hand and long-term borrowings. The transaction is expected to close in early August 2022. CONMED expects the acquisition to be approximately $0.10 to $0.15 dilutive to adjusted cash earnings per share in 2022 and 2023, and accretive thereafter. Sullivan & Cromwell LLP and DLA Piper LLP are acting as legal counsel for CONMED. Matt Steere and Jeff Barlow of Canaccord Genuity LLC is acting as financial advisor and Shipman & Goodwin LLP, Burns & Levinson LLP, and Latham & Watkins LLP are acting as legal counsel for Biorez, Inc. in connection with the transaction.

CONMED Corporation (NYSE:CNMD) completed the acquisition of Biorez, Inc. on August 9, 2022.