Smith & Nephew completes medical device maker deal

Historic medical equipment manufacturing giant Smith & Nephew has completed its acquisition of a US-based medical device company.

Ceterix Orthopaedics is the company behind the NovoStitch Pro Meniscal Repair System. The device has been designed to address complex meniscal tear patterns not adequately served by other repair systems.

Smith & Nephew will pay an initial cash consideration of $50m and up to a further $55m over the next five years, dependant on financial performance.

The deal was originally announced in December 2018 and will be funded from existing cash and debt.

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