Sam Brusco, Associate Editor08.02.22
CONMED Corp. has begun a deal to acquire Biorez, a startup aiming to advance soft tissue healing using its BioBrace implant technology. The deal is valued at $85 million, with up to $165 million in growth-based earnout payments over four years.
The BioBrace implant is a bioinductive scaffold to reinforce soft tissue where weakness exists and facilitates healing. It’s cleared for use in multiple product sizes by the U.S. Food and Drug Administration (FDA).
“The addition of Biorez and its BioBrace platform represents an important step forward for our sports medicine portfolio,” Curt R. Hartman, CONMED’s chair of the board, president, and CEO told the press. “BioBrace fits seamlessly into our existing suite of products, and we are excited to advance the next generation of healing in sports medicine. BioBrace represents the type of high-growth, high-margin platform that drives our long-term vision for CONMED.”
Kevin Rocco, CEO of Biorez added, “I am proud of the Biorez team for developing an innovative healing solution that provides a new treatment option for surgeons and patients. We are thrilled to join CONMED to accelerate the growth of our technology on a global scale.”
“Kevin and his team have created an extraordinary biomedical device that can improve the standard of care in sports medicine procedures,” commented Pat Beyer, CONMED’s president of International and Global Orthopedics. “I look forward to working closely with the Biorez team and leveraging their technical experience as we work to generate clinical data and bring this product to a broader group of customers and patients.”
The transaction is expected to be completed in early August.
The BioBrace implant is a bioinductive scaffold to reinforce soft tissue where weakness exists and facilitates healing. It’s cleared for use in multiple product sizes by the U.S. Food and Drug Administration (FDA).
“The addition of Biorez and its BioBrace platform represents an important step forward for our sports medicine portfolio,” Curt R. Hartman, CONMED’s chair of the board, president, and CEO told the press. “BioBrace fits seamlessly into our existing suite of products, and we are excited to advance the next generation of healing in sports medicine. BioBrace represents the type of high-growth, high-margin platform that drives our long-term vision for CONMED.”
Kevin Rocco, CEO of Biorez added, “I am proud of the Biorez team for developing an innovative healing solution that provides a new treatment option for surgeons and patients. We are thrilled to join CONMED to accelerate the growth of our technology on a global scale.”
“Kevin and his team have created an extraordinary biomedical device that can improve the standard of care in sports medicine procedures,” commented Pat Beyer, CONMED’s president of International and Global Orthopedics. “I look forward to working closely with the Biorez team and leveraging their technical experience as we work to generate clinical data and bring this product to a broader group of customers and patients.”
The transaction is expected to be completed in early August.