US-based orthopedics company Enovis has announced plans to acquire surgical implant maker LimaCorporate S.p.A (Lima), to expand its global reach and portfolio of products.
Under the terms of the agreement, Enovis will obtain Italy-based Lima in a transaction valued at €800 million ($847 million) made up of a cash payment of €700 million ($740 million), and €100 million ($105 million) in shares of Enovis common stock, issued within 18 months after closing.
The acquisition of the 75 plus year old orthopedics company adds surgical solutions and technologies, including 3D printed Trabecular Titanium to Enovis’s portfolio. The deal will also support the firm's international reach and customer base while establishing a high-growth, global reconstruction innovator generating $1 billion in annual revenue.
Discussing the agreement, Matt Trerotola, CEO of Enovis expressed how the takeover will give sustainable value to patients. He said: “With Lima’s complementary surgical solutions and customers, we will have the opportunity to enlarge our profitable recon portfolio and further expand our global presence. In addition, this acquisition will enable us to deliver enhanced financial results through significant cross-selling revenue growth opportunities and meaningful cost synergies.”
Massimo Calafiore, CEO of Lima said: “Combining these two leading orthopedic businesses into one global platform creates an exciting opportunity to build on the strengths of both Enovis and Lima in developing patient-tailored devices and orthopedic products.”
The deal is expected to close in Q1 of 2024 subject to regulatory approvals and customary closing conditions.
This year Lima received US Food and Drug Administration (FDA) 510(k) clearance for its SmartSPACE Shoulder System intended for use during shoulder arthroplasty.
Also this year, Enovis debuted new products at the American Orthopaedic Foot & Ankle Society (AOFAS) 2023 from its recent acquisitions of Novastepve34. The products showcased include Lapidus Instrumentation, and the new STAR+ Experience.
