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Smith & Nephew Plc
19 January 2022
Smith+Nephew acquires novel cementless partial knee system
19 January 2022
Smith+Nephew (LSE:SN, NYSE:SNN), the global medical technology
business, announces the acquisition of Engage Surgical, owner of
the only cementless unicompartmental (partial) knee system
commercially available in the US.
This acquisition strongly supports Smith+Nephew's strategy for
growth by transforming its business through innovation and
acquisition, while also providing differentiation for its
customers. The Engage Surgical Partial Knee System is a novel,
modern cementless knee implant to serve a resurgent segment driven
by the potential for better long-term fixation through biologic
integration, shorter operating times, and the shift to Ambulatory
Surgery Centers (ASCs).
Randy Kilburn, Executive Vice President & General Manager,
Reconstruction, Robotics and Digital, said:
"Smith+Nephew is now the only medical device company offering
both cemented and cementless partial knee implants in the US, as
well as robotics-assistance through the CORI Surgical System that
is well-suited for the precise alignment needed. Through our Sports
Medicine franchise we have an established, strong position in ASCs
where the vast majority of partial knees in the US are performed.
Our VISIONAIRE business, the high performance and small footprint
of CORI, plus our partial knee portfolio, is a unique compelling
offering for customers."
The acquisition will drive Smith+Nephew's Robotics and Real
Intelligence strategy. Partial knee procedures are well-matched for
robotics due to the need for precise alignment and Smith+Nephew's
CORI Surgical System already supports the cemented JOURNEY II
unicompartmental knee. The Engage Surgical Partial Knee System is
optimised for robotics and will have an application with CORI in
the future. Engage Surgical's Partial Knee System also complements
Smith+Nephew's focus on serving the growing outpatient market, with
an increasing proportion of knee procedures performed in ASCs.
Dan Justin, Chief Executive Officer, Engage Surgical, said:
"The Engage Surgical Team is excited about joining Smith+Nephew
to help expand the impact of the Engage Surgical Partial Knee
System and integrating it with the CORI Surgical System.
Smith+Nephew is well-suited and well-prepared to continue our
mission of providing better outcomes for knee arthroplasty
patients."
With Engage Surgical's Partial Knee System, Smith+Nephew expects
to be able to drive market expansion in the US, and in time in
other markets as regulatory approvals are secured. Engage
Surgical's Partial Knee System currently has regulatory clearance
in the US where it is in limited market release.
The partial knee market is currently worth approximately $300
million in the US (SmartTRAK) and is expected to grow faster than
the total knee market and by around 4% per annum through 2029
(Millennium Research Group, Inc). Smith+Nephew expects cementless
partial knees will grow ahead of overall partial knees, in line
with recent patterns seen in the cementless segment.
The cost of the acquisition is up to $135 million contingent on
sales performance. The acquisition was financed from existing cash
and debt facilities. Engage Surgical is located in Orlando,
Florida.
Enquiries
Investors
Andrew Swift +44 (0) 1923 477433
Smith+Nephew
Media
Charles Reynolds +44 (0) 1923 477314
Smith+Nephew
Susan Gilchrist / Ayesha Bharmal +44 (0) 20 7404 5959
Brunswick
About Smith+Nephew
Smith+Nephew is a portfolio medical technology business focused
on the repair, regeneration and replacement of soft and hard
tissue. We exist to restore people's bodies and their self-belief
by using technology to take the limits off living. We call this
purpose 'Life Unlimited'. Our 18,000 employees deliver this mission
every day, making a difference to patients' lives through the
excellence of our product portfolio, and the invention and
application of new technologies across our three global franchises
of Orthopaedics, Advanced Wound Management and Sports Medicine
& ENT.
Founded in Hull, UK, in 1856, we now operate in more than 100
countries, and generated annual sales of $4.6 billion in 2020.
Smith+Nephew is a constituent of the FTSE100 (LSE:SN, NYSE:SNN).
The terms 'Group' and 'Smith+Nephew' are used to refer to Smith
& Nephew plc and its consolidated subsidiaries, unless the
context requires otherwise.
For more information about Smith+Nephew, please visit
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