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Medical solutions company ConvaTec said it entered into an agreement to acquire Triad Life Sciences, marking its entry into the wound biologics segment.
The acquisiiton strengthens Convatec's advanced wound care position in the US and secures access to a complementary and innovative technology platform that enhances advanced wound management and patient outcomes,' the company said.
The initial consideration was $125 million with two potential additional payments of $25 million each relating to short-term milestones.
There were also two earnout payments conditional on performance during year 1 and year 2 post completion, with the maximum earnout of $275 million based on stretching financial performance over the period.
US-focused medical device company that develops biologically-derived innovative products to address unmet clinical needs in surgical wounds, chronic wounds and burns.
The transaction, which is subject to regulatory approvals and other customary conditions, was expected to close during Q1 2022.