Business
Anika Therapeutics to Acquire Parcus Medical and Arthrosurface
Accelerates Revenue Growth through Broadened Joint Preservation and Restoration Product Portfolio, Enhances Commercial Capabilities, and Expands Pipeline
About this update from Anika Therapeutics Inc.
[{"type":"text","content":"\nAccelerates Revenue Growth through Broadened Joint Preservation and Restoration Product Portfolio, Enhances Commercial Capabilities, and Expands Pipeline\n\n\nConference Call & Webcast January 8 at 8:30 a.m. ET\n\n BEDFORD, Mass.--(BUSINESS WIRE)--\nAnika 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 signed agreements to acquire Parcus Medical, a leading, privately-held sports medicine company, and Arthrosurface, a leading, privately-held provider of joint surface and preservation solutions for active patients.\n\n\n“We are very excited about these acquisitions, which are consistent with Anika’s commitment to expanding our portfolio into replacement and regenerative therapies for joint preservation and restoration,” said Joseph Darling, President and Chief Executive Officer of Anika Therapeutics. “These acquisitions will significantly enhance our commercial capabilities and infrastructure, diversify our revenue mix and expand our product portfolio and pipeline. Parcus Medical provides direct access to the high-growth ambulatory surgery center market, which will enable Anika to source new revenue streams, and Arthrosurface has an innovative product pipeline and an established direct hybrid sales model, which will accelerate our product platform strategy. Importantly, we are confident that these acquisitions, together with our existing product portfolio, will solidify Anika’s position in the $7 billion sports and regenerative medicine market and strengthen our ability to deliver better patient experiences and drive sustained revenue growth that will ultimately enhance value for shareholders.”\n\n\nThe company expects the Parcus Medical and Arthrosurface acquisitions to drive growth by:\n\n\n\nBroadening Anika's product portfolio into joint preservation and restoration;\n\n\nAdding high-growth and diversified revenue streams;\n\n\nStrengthening its commercial capabilities with approximately 40 direct sales representatives and approximately 150 distributors in the U.S., as well as more than approximately 70 international distributors; and\n\n\nExpanding its product pipeline and research and development expertise.\n\n\n\nParcus Medical Acquisition \n\n\nParcus Medi...