DLA Piper advised CONMED Corporation (NYSE: CNMD) in its agreement to acquire privately held Biorez, Inc. (Biorez), on a cash-free, debt-free basis, for cash consideration of $85 million at closing, subject to adjustment, and up to an additional $165 million in growth-based earnout payments over a four-year period.
CONMED is a medical technology company whose products – surgical devices and equipment for minimally invasive procedures – are used by surgeons and physicians in gastroenterology, thoracic surgery and gynecology, among other specialties. Its acquisition of Biorez – a medical device start-up focused on advancing the healing of soft tissue using its proprietary BioBrace® Implant technology – will allow CONMED to expand its sports medicine portfolio, which is a strategic focus for the company.
“CONMED’s acquisition of Biorez will bolster the company’s presence in the sports medicine market with the addition of Biorez’s proprietary BioBrace® Implant technology,” said DLA Piper partner Melissa Reinckens who regularly counsels CONMED on intellectual property disputes and who led the team that advised CONMED here. “We were thrilled to advise CONMED on this strategic acquisition and combine our deep industry knowledge and experience to support CONMED’s future growth.”
In addition to Reinckens (San Diego), the DLA team was comprised of partners Lauren Murdza (Philadelphia) and Chung Wei (Silicon Valley); and associates Megan Bowers and James McGraw (both in Philadelphia), Jordan Chisek (San Francisco), and Mei Jin (Century City).
With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 12 consecutive years, according to Mergermarket.
DLA Piper advises on all aspects of the life sciences sector, combining subject matter experience with considerable knowledge of the scientific, medical, regulatory, commercial and enforcement environments facing biopharmaceutical, medical device, research and diagnostics clients. Recognizing that clients’ needs vary, the firm rapidly organizes and customizes client service teams, whether for a large pharmaceutical company, a mid-sized medical device client or a development-stage biotech company.
