LONDON: Smith+Nephew, the global medical technology company, announced that it has completed the acquisition of CartiHeal, developer of Agili-C, a novel sports medicine technology for cartilage regeneration in the knee.
Agili-C is an off-the-shelf one-step treatment for osteochondral (bone and cartilage) lesions with a broader indication than existing treatments. It is indicated to treat a wide patient population, including those with lesions in knees with mild to moderate osteoarthritis, a previously unaddressed condition, as well as the approximately 700,000 patients1 that receive cartilage repair annually in the US.
“With its proven superiority to current standard of care, Agili-C has the potential to transform cartilage repair outcomes,” said Scott Schaffner, President Sports Medicine, Smith+Nephew.
“Our expertise in regenerative therapy and leadership in knee repair gives me great confidence that this will be a significant value creator for Smith+Nephew.”
Smith+Nephew paid $180 million on completion, with up to a further $150 million contingent on future financial performance, as previously disclosed.
Smith+Nephew to acquire CartiHeal, developer of Agili-C, for upto $330 million