Business
Anika Therapeutics Closes Acquisition of Arthrosurface
Transaction Accelerates Anika’s Revenue Growth, Broadens Joint Preservation and Restoration Product Portfolio, Enhances Commercial Capabilities and Expands
About this update from Anika Therapeutics Inc.
[{"type":"text","content":"Transaction Accelerates Anika’s Revenue Growth, Broadens Joint Preservation and Restoration Product Portfolio, Enhances Commercial Capabilities and Expands Pipeline\nBEDFORD, Mass., Feb. 03, 2020 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global, integrated joint preservation and regenerative therapies company with products leveraging its proprietary hyaluronic acid (HA) technology platform, today announced it has completed its acquisition of Arthrosurface, a leading, privately-held provider of joint surface and preservation solutions for active patients.\n Under the previously disclosed terms of the agreement, Anika acquired all outstanding shares of Arthrosurface in exchange for an upfront payment of approximately $60 million in cash from the company’s existing balance sheet, subject to customary closing adjustments. Arthrosurface shareholders will be eligible to receive an additional $40 million contingent upon the achievement of certain regulatory and commercial milestones. “This acquisition significantly enhances our commercial capabilities in the U.S. and accelerates our product platform strategy by further expanding our portfolio and pipeline across the joint preservation and restoration continuum,” said Sylvia Cheung, Chief Financial Officer of Anika Therapeutics. “We are excited to begin working together to build a leading sports and regenerative medicine company. I want to recognize the efforts of our team for closing the Arthrosurface transaction on the heels of the Parcus Medical acquisition and welcome the Arthrosurface team to the Anika family.” Arthrosurface’s product portfolio includes more than 150 different surface implant curvatures for the knee, shoulder, hip, ankle, wrist and toe that are designed to treat upper and lower extremity orthopedic conditions caused by trauma, injury and arthritic disease. The Arthrosurface executive team, led by President and Chief Executive Officer Steven Ek, will join Anika and continue to lead the Arthrosurface business innovation. SVB Leerink LLC acted as exclusive financial advisor to Anika and Sullivan & Cromwell LLP acted as Anika’s legal counsel in connection with the Arthrosurface transaction. About Anika Therapeutics, Inc.Anika Therapeutics, Inc. (NASDAQ: ANIK) is a global, integrated joint preservation and regenerative therapies company based in Bed...