Restor3d acquires Conformis to expand additively manufactured orthopaedics market
June 23, 2023
restor3d, Durham, North Carolina, USA, and Conformis, Billerica, Massachusetts, have entered into a definitive merger agreement under which personalised orthopaedic company Restor3d will acquire all outstanding shares of common stock at Conformis at $2.27 per share in cash, which represents an approximate 96% premium to the closing price of Conformis stock as of June 22, 2023.
restor3d is a medical technology company which utilises metal Additive Manufacturing to enable the production of its bespoke orthopaedics. Conformis also focuses on personalised orthopaedic patient care and owns or exclusively in-licenses issued patents and pending patent applications that cover personalised implants and patient-specific instrumentation for all major joints.
“This combination will create a leading personalised 3D-printed medical device company,” Kurt Jacobus, Chief Executive Officer of restor3d. “Together, we share a common belief in the power of personalisation. By leveraging the strengths in our respective portfolios around artificial-intelligence-driven implant design, digital automation, and 3D printed osseointegrative biomaterials, we see tremendous opportunity to offer clinically differentiated and cost-effective solutions across the orthopaedic landscape, including shoulder, foot & ankle, spine, and large joints.”
“After nearly twenty years of revolutionising the orthopaedic industry with personalised treatment and patient choice, this transaction is a testament to the value of our portfolio and the strength of our core technology and intellectual property,” said Mark Augusti, Chief Executive Office at Conformis. “Following a diligent and thoughtful process, the board has unanimously approved this transaction, which delivers positive benefits to all of our stakeholders. We are excited to enter the next chapter for Conformis with restor3d, which allows us to continue helping patients live productive lives after knee or hip surgery and providing the surgeon community with innovative products and services.”
Conformis’ Board of Directors, having determined that the transaction is in the best interests of the company’s stockholders, has unanimously approved the transaction. The closing of this transaction is expected by the end of Q3 2023 and is subject to approval by Conformis’ stockholders and other customary closing conditions.
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