Berkeley Biologics to acquire Elutia’s Orthobiologics business unit
Summary
Berkeley Biologics, a wholly owned subsidiary of GNI Group, has announced the acquisition of the Orthobiologics business unit from Elutia for cash proceeds of up to $35m. CanGaroo features an advanced biomatrix, along with the drugs rifampin and minocycline (RM), to provide prolonged antibiotic protection for cardiac pacemakers and defibrillators. The company’s product portfolio also consists of an RM version of its SimpliDerm biomatrix for use in procedures related to breast reconstruction. Elutia president and CEO Dr Randy Mills said: “Our mission is to provide physicians with the wound healing benefits of natural biological materials combined with the power of targeted therapeutics so that their patients can thrive without compromise. “This transaction allows us to focus our efforts on bringing this valuable technology to market, with the confidence that our Orthobiologics business and team are in great hands with Berkeley Biologics.” The deal is anticipated to be completed in the fourth quarter of this year.