Medartis completes acquisition of Nextremity Solutions Inc. and announces new US leadership
Medartis Holding AG / Key word(s): Acquisition/Personnel
Release of an ad hoc announcement pursuant to Art. 53 LR. The issuer is solely responsible for the content of this announcement.
Basel, Switzerland, 3 May 2022 - Medartis Holding AG (SIX: MED) announced today that it has completed the acquisition of Nextremity Solutions Inc., a strategic commercialisation organisation located in Warsaw, USA. The total purchase price for the transaction will be up to USD 70 million and includes milestone and earn-out payments of up to USD 30 million.
This acquisition, which was announced on 7 March 2022, will enable Medartis to further accelerate its US extremities business by gaining access to a comprehensive product pipeline, strong relationships to US design surgeons and an experienced R&D team. This transaction will provide significant growth opportunities in the US extremities market and potentially in additional markets. Medartis also acquires a modern regional manufacturing base and a complementary leadership organisation.
The acquisition of Nextremity Solutions Inc. (NSI) will be consolidated as of today. The first products with significant sales potential are expected to be launched in early 2023 and will therefore not have a material impact on the company's sales guidance in 2022. To maximize the business impact, the two organisations are synergistically merged as of today. As part of this merger, NSI's CEO Rod K. Mayer is appointed President of Medartis US as a non-executive member. Rod is a highly-experienced industry expert with a long and distinguished track record in sales and product development in the medical devices industry. In his role, he will report directly to CEO Christoph Brönnimann and lead Medartis' US organisation, focusing specifically on leading the US sales force.
Medartis will continue to base its local organisation in Exton (Pennsylvania, USA) and Warsaw (Indiana, USA). While manufacturing and R&D will be located at the former NSI headquarters, supply chain, customer service and other commercial activities will be based at the current Medartis USA site in Exton. 'I am honoured and excited to lead the combined Medartis US team. We intend to build on our shared vision and common culture to deliver meaningful innovation for our customers. I believe this is an impactful combination that will support an attractive growth trajectory in the future,' commented Mayer.
Lisa C. Thompson, President North America, has decided to resign following the successful reorganisation of the US business and the acquisition of NSI. She will support Rod K. Mayer during the transition phase and plans to resume her consulting activities in the medical device industry. CEO Christoph Brönnimann commented: 'I am delighted that Rod Mayer and the rest of NSI's leadership team are complementing our US organisation. I would like to express my gratitude to Lisa for her dedication and commitment to this company. Lisa has repositioned our US organisation over the past two years, shaping it into a sustainable, competitive, and customer-centric sales organisation. I wish her the very best in her future endeavours.'
About Nextremity Solutions, Inc.
Disclaimer and forward-looking statements
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End of ad hoc announcement
|Company:||Medartis Holding AG|
|Phone:||+41 61 633 34 34|
|Fax:||+41 61 633 34 00|
|Listed:||SIX Swiss Exchange|
|EQS News ID:||1341633|
|End of Announcement||EQS News Service|