Corin Group, a United Kingdom-based orthopedic company, signed a binding agreement to acquire OMNI Orthopaedics, based in Raynham, Mass., and enter the robotics market.
Five things to know:
1. OMNI Orthopedics developed a robotic-assisted total knee replacement system. The OMNIBotics is an imageless total knee replacement solution, combining robotic cutting guides with a robotic tool to measure ligament function and allow for more precise implant positioning.
2. Corin, backed by Permira Funds, aims to accelerate its organic growth strategy with a focus on mergers and acquisitions. The company hopes to continue expanding its presence in the U.S.
3. Going forward, Corin plans to create a "connected digital ecosystem" combining biomechanical, physiological and logistical information that generates insight into the patient and supports surgeons' efforts to improve outcomes.
4. KPMG, Barclays Bank and Skadden, Arps, Slate, Meagher & Flom provided advisor services to Corin in this transaction.
5. The companies expect to close the transaction in early March.
"The U.S. market for robotics in orthopedics is growing at a very rapid pace, and with the addition of OMNI's technologies, we can expect Corin to remain at the forefront of development in robotics and computer-assisted surgery," said Henry Minello, principal in the healthcare team of Permira.