Smith & Nephew agreed to purchase Ceterix Orthopaedics for up to $105 million.
Here are five things to know:
1. Per the agreement, Smith & Nephew will pay $50 million in cash upfront and up to $55 million over the next five years, contingent on financial performance.
2. Ceterix Orthopaedics develops the NovoStitch Pro Meniscal Repair System, which is compatible with Smith & Nephew's Fast-Fix 360 Meniscal Repair System.
3. The NovoStitch Pro will be sold through Smith & Nephew's sports medicine sales as well as Ceterix Orthopaedics' sales force.
4. The deal is expected to close in early 2019.
5. "We are excited by the opportunities to take this new option to our customers," Smith & Nephew's President of Sports Medicine and ENT Brad Cannon said. "No other company is better positioned to support changing clinical practice as the standard for meniscal treatment pivots from resection to repair."