CONMED Corporation completed the acquisition of Biorez, Inc.
August 08, 2022
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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.
CONMED Corporation is a medical technology company, which provides surgical devices and equipment for minimally invasive procedures. Its products are used by surgeons and other healthcare professionals in a variety of specialties including orthopedics, general surgery, gynecology, thoracic surgery, and gastroenterology. Its product lines consist of orthopedic surgery and general surgery. Orthopedic surgery consists of sports medicine and lower extremities instrumentation and implants, small bone, large bone, and specialty powered surgical instruments as well as imaging systems for use in minimally invasive surgery procedures and fees related to the sales representation, promotion, and marketing of sports medicine allograft tissue. General surgery consists of endo-mechanical instrumentation for minimally invasive laparoscopic and gastrointestinal procedures, smoke evacuation devices, a line of cardiac monitoring products as well as electrosurgical generators and related instruments.