Smith & Nephew Acquires US-Based Partial Knee System Provider Engage Surgical
Smith & Nephew plc (NYSE: SNN) has acquired Engage Surgical, a provider of cementless unicompartmental (partial) knee systems. Engage Surgical is located in Orlando, Florida.
The deal value of up to 5 million is contingent on sales performance. The acquisition was financed from existing cash and debt facilities.
The company noted that Engage's knee systems are the only cementless partial knee implants commercially available in the U.S.
The Engage Surgical Partial Knee System is a novel, modern cementless knee implant to serve a resurgent segment driven by the potential for better long-term fixation through biologic integration, shorter operating times, and the shift to Ambulatory Surgery Centers (ASCs).
Smith & Nephew expects the acquisition to drive its Robotics and Real Intelligence strategy.
The partial knee market is currently worth approximately $300 million in the U.S., as per SmartTRAK. It is expected to grow faster than the total knee market by around 4% per annum through 2029.
Price Action: SNN shares are up 3.20% at $34.84 during the market session on the last check Wednesday.
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