Stryker Acquires Meniscal Repair Company Ivy Sports Medicine
By Jof Enriquez,
Follow me on Twitter @jofenriq
Stryker's endoscopy division has purchased New Jersey-based Ivy Sports Medicine, developer of the only FDA-approved collagen meniscus implant (CMI) on the market, for an undisclosed amount. It's the latest in a string of tuck-in acquisitions made this year by the joint replacement and orthopedic implant maker.
Ivy Sports developed and markets CMI, a biological and completely absorbable implant made from highly purified collagen type 1 with a porous structure. The implant is arthroscopically attached to fill the void resulting from damaged and lost meniscal tissue in acute and chronic meniscus injuries, and makes use of the body's own ability to regenerate tissue.
CMI, previously called Menaflex, was initially developed by ReGen Biologics and received FDA approval in 2008, according to Healthpoint Capital. FDA rescinded its clearance in 2010, a decision which was challenged by ReGen in court. ReGen was acquired by Ivy Sports in 2011, and in 2014 won the suit filed by ReGen, paving the way for the implant to again be cleared for the U.S. market.
"Ivy Sports Medicine was formed to capitalize on the unmet opportunity in meniscal repair, which we view as one of the more attractive growth opportunities in all of orthopaedics," said Robert Pangia, CEO of Ivy Sports Medicine, in a news release. "Our products provide surgeons with a complete set of tools to treat a large spectrum of meniscal repairs. We are excited about the prospects of combining these products with Stryker's distribution channels and complementary portfolio of sports medicine products."
Stryker CEO Kevin Lobo said in April that he will continue to pull the trigger for mostly tuck-in deals to fill the gaps in Stryker's portfolio. So far in 2016, the company has acquired Sage Products (hospital supplies), Physio-Control (EMS equipment), Synergetics (neurology portfolio), SafeWire (minimally invasive spine surgery), Stanmore Implants (custom implants for oncology patients), and closed the deal to acquire Becton Dickinson's (BD) CareFusion vertebral compression fracture (VCF) portfolio.
Ivy Sports' expertise in developing devices for meniscal repair is "highly complementary" to Stryker's current portfolio of visualization, resection, fluid management, and anterior cruciate ligament (ACL) reconstruction platforms, according to Stryker.
"The acquisition of Ivy Sports Medicine strengthens our capabilities and fits strategically with our current portfolio. Ivy's complete meniscal platform, coupled with their clinical history, will allow us to provide our customers with multiple solutions to address meniscal repair," said Matt Moreau, VP and GM of Stryker's Sports Medicine business, in prepared remarks. "This is an area of sports medicine where there is continued opportunity to address unmet customer needs. The Ivy portfolio provides a unique platform for us to build upon as we seek to continue advancing the treatment of meniscal injuries."
According to Medscape, meniscal injuries may be the most common knee injury. Surgical procedures of the meniscus are performed on an estimated 850,000 patients in the United States each year.