Anika Therapeutics Closes Acquisition of Parcus Medical
Anika Therapeutics, Inc., a global, integrated joint preservation and regenerative therapies company with products leveraging its proprietary hyaluronic acid (HA) technology platform, has announced that, it has closed its acquisition of Parcus Medical, a leading, privately held sports medicine company.
Under the previously disclosed terms of the agreement, Anika acquired all outstanding membership interests of Parcus Medical in exchange for an upfront payment of approximately $35 million in cash from the company’s existing balance sheet, subject to customary closing adjustments. Parcus Medical unitholders will be eligible to receive an additional $60 million contingent upon the achievement of certain commercial milestones.
“I want to congratulate our team on closing the Parcus Medical transaction and officially welcome the Parcus Medical team to the Anika family,” said Joseph Darling, President and Chief Executive Officer of Anika Therapeutics. “This acquisition immediately adds a diverse base of high-growth revenue and will help us achieve the objectives we set forth in our five-year strategic plan. We can now turn our attention to executing our integration plan and continuing to transform Anika into a leading global sports and regenerative medicine company.”
Parcus Medical has a diverse product family that helps facilitate surgical procedures on the shoulder, knee, hip and distal extremities. The acquisition significantly expands Anika’s offerings into the fast-growing ambulatory surgical center market. The Parcus Medical executive team, led by President Mark Brunsvold, will join Anika and continue to lead the Parcus Medical business.
SVB Leerink LLC acted as exclusive financial advisor to Anika and Sullivan & Cromwell LLP acted as Anika’s legal counsel in connection with the Parcus Medical transaction.
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