Implanet Announces the Planned Divestment of Its Knee Prosthesis to Focus on Its Spine Business
23 September 2021 - 05:45PM
Business Wire
- Initiation of exclusive negotiations with the Menix Group’s
SERF company
- Strategic refocus to become a benchmark player in Spine
surgery
Regulatory News:
IMPLANET (Euronext Growth: ALIMP, FR0013470168, eligible for
PEA-PME equity savings plans) a medical technology company
specializing in vertebral and knee-surgery implants, announces the
planned divestment of its knee prosthesis in order to devote itself
to its Spine business.
Implanet had announced in previous press releases, including
that of 18 May 2020, its intention of refocusing on its Spine
business to position itself as a benchmark player on this segment
in France and abroad. This strategy led to the acquisition of OSD
in May 2021 (see the press releases of 30 March 2021 and 18 May
2021).
In keeping with this strategic orientation, Implanet today
announces that it has entered into exclusive negotiations with
SERF, part of the Menix Group, with the intention to divest its
“MADISONTM” knee prosthesis business.
Ludovic Lastennet, Implanet’s CEO, said: “Implanet is
very pleased to announce the initiation of exclusive negotiations
with SERF regarding the divestment of its Knee activity. This
operation, which follows discussions held with the Menix Group
since May 2020, represents the next step, after the acquisition of
OSD, in the execution of our strategy enabling us to refocus on our
Spine business and accelerate our growth on this segment. Following
this operation, Implanet will be 100% focused on the treatment of
spinal disorders. Furthermore, thanks to this divestment, we will
have additional financial resources to intensify our growth and
make Implanet a powerful player in the field of spinal
disorders”.
“By entering into exclusive negotiations with Implanet to
acquire their Madison Knee range, we are reaffirming our intention
of strengthening our position as a key player in orthopedics, in
particular on the Knee disorder segment, by adding to our current
range. This will allow us to meet surgeons’ needs via a
comprehensive and innovative therapeutic solution, both in France
and abroad”, said Cyrille Fleury, CEO of Menix, and Patrick
Rondot, President of Menix.
This divestment would involve the entire MADISONTM business
relating to the design and marketing of implants for knee
prosthesis surgery. To facilitate the operation and ensure the
continuity of regulatory obligations, this operation will also be
the subject of a contract covering a transition period during which
the products will be manufactured by Implanet and distributed
exclusively by SERF.
This activity, which generated annual revenue of €2.12 million
in 2020, would be divested for an estimated sum of up to €5.5
million, which could be adjusted in accordance with the value of
the net tangible assets on the effective date of the divestment,
with payments made in installments depending on the completion of
the various regulatory stages.
Although a forfeit clause is provided for, this divestment
project is nevertheless subject to a number of conditions such as
the carrying out of audits (financial, technical and regulatory),
an agreement regarding the documentation and the approval of
certain third parties (financial and commercial). The divestment is
expected to take place before the end of the final quarter of
2021.
Upcoming financial event: - Q3 2021 revenue, on
October 12, 2021 after market close
About IMPLANET
Founded in 2007, IMPLANET is a medical technology company that
manufactures high-quality implants for orthopedic surgery. Its
activity revolves around two product ranges, a comprehensive
innovative solution for improving the treatment of spinal
pathologies (JAZZ® and OSD), as well as the MADISON implant for
first-line prosthetic knee surgery. Implanet’s tried-and-tested
orthopedic platform is based on the traceability of its products.
Protected by four families of international patents, JAZZ® has
obtained 510(k) regulatory clearance from the Food and Drug
Administration (FDA) in the United States, the CE mark in Europe
and ANVISA approval in Brazil. IMPLANET employs 29 staff and
recorded sales of €6.0 million in 2020. For further information,
please visit www.implanet.com. Based near Bordeaux in France,
IMPLANET opened a US subsidiary in Boston in 2013. In May 2021,
IMPLANET acquired Orthopaedic & Spine Development (OSD), which
specializes in developing, manufacturing and marketing implants for
spine surgery and offers a product range that complements the
latest generation JAZZ® implant (thoraco-lumbar screws, cages and
cervical plates). IMPLANET is listed on the Euronext Growth market
in Paris.
The Company would like to remind readers that the table for
monitoring the equity line (OCA, BSA) and the number of shares
outstanding is available on its website:
http://www.implanet-invest.com/suivi-des-actions-80
About SERF, part of the Menix Group
The Menix Group comprises cutting-edge technological industries
in the orthopedic (primarily hip and knee) and dental sectors, as
well as 3D digital solutions. In the field of orthopedics, the
Menix Group enjoys a leadership position on the dual mobility and
first intention stem markets in France. SERF has been active on the
orthopedics market since 1973 and, through this operation, will
supplement its knee portfolio currently consisting of a range of
unicompartmental prostheses. On the dental side, the Menix Group
designs and markets a range of dental implants and implantable
devices used in craniomaxillofacial surgery. The company is
expecting to achieve €100 million in revenue and have 430 employees
in 2021, and is based near Lyon, France.
https://www.serf.fr/en/
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version on businesswire.com: https://www.businesswire.com/news/home/20210923005763/en/
Implanet contacts IMPLANET Ludovic Lastennet, CEO
David Dieumegard, CFO Tel.: +33 (0)5 57 99 55 55
investors@Implanet.com
NewCap Investor Relations Mathilde Bohin Nicolas Fossiez
Tel.: +33 (0)1 44 71 94 94 Implanet@newcap.eu
NewCap Media Relations Nicolas Merigeau Tel.: +33 (0)1 44
71 94 94 Implanet@newcap.eu
SERF contacts Cyrille Fleury, CEO of the Menix Group
Patrick Rondot, President of the Menix Group serf@serf.fr
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