3D printed medical device firm restor3d has entered into a definitive merger agreement which will see it acquire all outstanding shares of common stock of Conformis.
Conformis is a medical technology company focusing on advancing orthopaedic patient care through its offering of fully personalised solutions through its Image-to-Implant Platinum Services Program. The outstanding shares of the company will be acquired a 2.27 USD per share in cash, representing an approximate 96% premium to the closing price of Conformis stock on June 22, 2023.
restor3d has announced the deal after the Conformis Board of Directors determined the transaction was in the best interest of the company’s stockholders. Their approval was unanimous and the deal is expected to close, subject to customary closing conditions and stockholder approval, by the end of Q3 2023.
“This combination will create a leading personalised 3D printed medical device company,” commented Kurt Jacobus, CEO 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 20 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,” added Mark Augusti, CEO 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.”
Since 2004, Conformis is said to have achieved more than 137,000 successful implants, with each and every implant manufactured based on the patient’s unique size and shape thanks to 3D imaging and 3D printing technologies. While Conformis has focused its efforts on knee replacement procedures, restor3d has been using 3D printing to enhance foot, ankle and spinal surgeries. The first surgery to use the company’s Kinos Axiom Total Ankle system was announced in January, with the company’s Axiom PSR system receiving FDA 510(k) clearance in April.