A Memphis-based medical device company is set to be acquired in a multimillion-dollar transaction.
ConMed Corp., a global medical technology firm headquartered in Largo, Florida, announced Wednesday, May 4, a definitive agreement to acquire privately held In2Bones Global Inc. The deal involves $145 million in cash consideration and additional growth-based earnout payments up to $110 million over a four-year period.
In2Bones specializes in bone and joint restoration products for the extremities, trauma, and biologics. The transaction is expected to close by the end of the second quarter or early in the third quarter of 2022, after receiving U.S. regulatory approval.
“The ConMed team clearly shares our focus on people and clinical innovation to address unmet needs,” said Alan Taylor, president and CEO of In2Bones, in a press release. "We look forward to continuing to advance our solutions and deliver them to patients across the globe.”
As a developer, manufacturer, and distributor of a host of products to treat disorders and injuries to the upper and lower extremities, In2Bones has a strong presence in the global extremities market.
In2Bones had revenue of $36.8 million in 2021 and is expected to grow revenue by double digits on an ongoing basis, ConMed noted in the release. Based on the expected closing date, the company anticipates the In2Bones acquisition adding about $20 million to ConMed's revenue in the second half of 2022.
In September, In2Bones received FDA clearances for its patient-specific planning software, OrthoPlanify, and for 3D-printed cutting guides that assist surgeons with precise bone cuts and accurate implant alignment.
In2Bones' wide range of product offerings and market strength was a big draw, said Curt Hartman, ConMed’s chairman, president, and CEO, in the release.
“In2Bones is an exciting platform for ConMed to enter the extremities market given its broad portfolio, extensive sales channel, and experienced leadership team," Hartman said.
In2Bones' headquarters is currently located at the Triad Center I building in East Memphis. The firm had more than 50 employees companywide in 2021. With 15 local employees, In2Bones is among the top 20 largest locally based medical device companies, according to MBJ research.
