Smith & Nephew completes acquisition of meniscal repair system developer Ceterix® Orthopaedics

Smith & Nephew plc (LSE:SN, NYSE:SNN), the global medical technology business, announces it has completed the acquisition of Ceterix® Orthopaedics, Inc, the developer of the NovoStitch® Pro Meniscal Repair System. The acquisition supports the Company’s strategy to invest in innovative technologies that meet unmet clinical needs.

The cost of the acquisition is $50 million and up to a further $55 million over the next five years, contingent on financial performance.

NovoStitch Pro is a unique device that addresses complex meniscal tear patterns not adequately served by other repair systems. It allows surgeons to repair arthroscopically horizontal, radial, complex, bucket handle and root tears, as well as vertical tears. It is highly complementary to Smith & Nephew’s leading FAST-FIX 360 Meniscal Repair System, which addresses vertical tears, the most commonly repairable meniscal injury today.

There are currently more than 1.2 million^[1] meniscal tears treated surgically in the US each year, with only 15-20%¹ of the cases receiving a meniscal repair, rather than removal. With products like NovoStitch Pro and FAST-FIX 360, Smith & Nephew sees the opportunity to double this proportion in the medium term.

"NovoStitch Pro is an outstanding technology that addresses an unmet clinical need. We are delighted to add this device to our Sports Medicine portfolio and are looking forward to the opportunities that come with it,” said Brad Cannon, President Sports Medicine and ENT, Smith & Nephew.

“We are excited by the growth opportunities of the NovoStitch Pro at Smith & Nephew and are proud of the impact our technology has made in developing the meniscal repair market,” said Justin Saliman, MD, Founder and Chief Medical Officer at Ceterix.

NovoStitch Pro will be sold through the Company’s extensive sports medicine sales force as well as Ceterix’s existing dedicated sales force. NovoStitch Pro has 510(k) clearance for sale in the US.

 

Enquiries

Investors

Andrew Swift
Smith & Nephew
+44 (0) 20 7960 2285 

Media

Charles Reynolds
Smith & Nephew
+44 (0) 1923 477314 

Ben Atwell / Andrew Ward
FTI Consulting
+44 (0) 20 3727 1000

About Smith & Nephew

Smith & Nephew is a portfolio medical technology business with leadership positions in Orthopaedics, Wound, Sports Medicine and ENT. Smith & Nephew has more than 15,000 employees and a presence in more than 100 countries. Annual sales in 2017 were almost $4.8 billion. Smith & Nephew is a member of the FTSE100 (LSE:SN, NYSE:SNN). For more information about Smith & Nephew, please visit our corporate website www.smith-nephew.com and follow us on Twitter, LinkedIn or Facebook.

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