Smith+Nephew plc (LON:SN, NYSE:SNN), the global medical technology company, announces that it has completed the acquisition of CartiHeal, developer of Agili-C, a novel sports medicine technology for cartilage regeneration in the knee.
Agili-C is an off-the-shelf one-step treatment for osteochondral (bone and cartilage) lesions with a broader indication than existing treatments. It is indicated to treat a wide patient population, including those with lesions in knees with mild to moderate osteoarthritis, a previously unaddressed condition, as well as the approximately 700,000 patients1 that receive cartilage repair annually in the US.
“With its proven superiority2 to current standard of care, Agili-C has the potential to transform cartilage repair outcomes,” said Scott Schaffner, President Sports Medicine, Smith+Nephew. “Our expertise in regenerative therapy and leadership in knee repair gives me great confidence that this will be a significant value creator for Smith+Nephew.”
Smith+Nephew paid $180 million on completion, with up to a further $150 million contingent on future financial performance, as previously disclosed.
1. Medtech 360, Sports Medicine Devices, Market Analysis, US, 2018, Millennium Research Group, Inc.
2. The U.S. Food and Drug Administration (FDA) granted Agili-C Breakthrough Device designation status in 2020 and Premarket Approval (PMA) in March 2022. PMA approval was granted based on the results of a two-year randomised controlled trial (N=251) that confirmed superiority of Agili-C over current standard of care – microfracture and debridement for the treatment of knee joint surface lesions, chondral and osteochondral defects. Study inclusion criteria included patients with mild and moderate osteoarthritis.
