Medical Device Company In2Bones Global, Inc. Acquired by CONMED in Definitive Agreement
The CONMED Corporation recently announced a final agreement for the acquisition of the privately-held In2Bones Global, Inc. (abbreviated to In2Bones), on a cash and debt-free basis, for cash consideration of $145m at the point of closing, with an additional $110m in earnout payments based on growth over a 4 year period. While this transaction is not subject to condition of financing, it is subject to standardised closing conditions, which includes receipt of US regulatory approval, with closure expected in the second or third quarter of 2022.
With its headquarters in Memphis, Tennessee, the company In2Bones is a global distributor, manufacturer, and developer of medical devices used to treat injuries and disorders of the upper (such as the hand, wrist, or elbow) and lower (such as the foot and ankle) extremities. Included in the company’s extensive product portfolio are biologics, implants, fracture systems and other related hardware.
“This acquisition is a natural strategic extension of our Orthopedic portfolio,” said Curt R. Hartman, CONMED’s Chair of the Board, President, and Chief Executive Officer. “In2Bones is an exciting platform for CONMED to enter the extremities market given its broad portfolio, extensive sales channel, and experienced leadership team. We look forward to welcoming the In2Bones team to CONMED.”
Alan Taylor, President and Chief Executive Officer of In2Bones, added:
“Our talented team has worked tirelessly to build a comprehensive and efficient set of solutions focused on successful reproducible outcomes for extremities surgery, and we are excited to join CONMED. The CONMED team clearly shares our focus on people and clinical innovation to address unmet needs, and we look forward to continuing to advance our solutions and deliver them to patients across the globe.”
“Alan and his team have built a strong global platform in the extremities market,” commented Pat Beyer, CONMED’s President of International and Global Orthopedics. “In2Bones is a strong complement to our existing international platform, and I am excited to expand our global orthopedic offering into the high-growth extremities space. I look forward to working closely with the In2Bones team and to integrating their portfolio and commercial team into our existing infrastructure.”
In 2021, the In2Bones company had revenue of £36.8m at approximately 80% gross margins, and it is expected to grow double-digit revenue on a consistent basis. CONMED is anticipating the acquisition to further its revenue to $20m in the 2nd half of 2022.
© CONMED Corporation
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