CONMED Corporation (NYSE: CNMD), a medical device company, has announced a definitive agreement to acquire privately held Biorez, Inc., a medical device start-up, on a cash-free, debt-free basis, for cash consideration of US$85 million at closing, subject to adjustment, and up to an additional US$165 million in growth-based earnout payments over a four-year period. The transaction is expected to be financed through the company’s existing credit facility. The transaction is expected to close in early August 2022.
Latham & Watkins LLP represents Biorez, Inc. in the transaction with a corporate deal team led by Bay Area partner Navneeta Rekhi and Boston/Chicago partner Ian Bushner, with associates Andrew Rondeau and Katie Connelly. Advice was also provided on executive compensation matters by New York partner Jennifer Pepin, with associate Madeline Hong; on tax matters by Bay Area partner Katharine Moir, with associate Alex Farris; and on healthcare regulatory matters by Bay Area counsel Betty Pang.
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