SVB Leerink LLC acted as exclusive financial advisor to Anika and Sullivan & Cromwell LLP acted as Anika’s legal counsel in connection with the transactions.
Anika Therapeutics, Inc. (NASDAQ: ANIK), a global, integrated joint preservation and regenerative therapies company with products leveraging its proprietary hyaluronic acid (HA) technology platform, today announced it has signed agreements to acquire Parcus Medical, a leading, privately-held sports medicine company.
Parcus Medical has a diverse product family that helps facilitate surgical procedures on the shoulder, knee, hip and distal extremities. The acquisition of Parcus Medical will significantly expand Anika’s offerings into the fast-growing ambulatory surgical center (ASC) market. The Parcus Medical executive team, led by President Mark Brunsvold, will join Anika and continue to lead the Parcus Medical business.
Under the terms of the agreement, Anika will acquire all outstanding membership interests of Parcus Medical in exchange for an upfront payment of approximately $35 million in cash from the company’s existing balance sheet, subject to customary closing adjustments. In addition, Parcus Medical unitholders will be eligible to receive an additional $60 million contingent upon the successful achievement of certain commercial milestones.
The S&C team was led by Keith Pagnani (Picture) and Melissa Sawyer, and included associate Benjamin Goodchild, executive compensation partner Matt Friestedt, intellectual property partner Mehdi Ansari and tax partner Davis Wang.
Involved fees earner: Mehdi Ansari – Sullivan & Cromwell; Matthew Friestedt – Sullivan & Cromwell; Benjamin Goodchild – Sullivan & Cromwell; Keith Pagnani – Sullivan & Cromwell; Melissa Sawyer – Sullivan & Cromwell; Davis Wang – Sullivan & Cromwell;
Law Firms: Sullivan & Cromwell;
Clients: Anika Therapeutics Inc;