In light of the rapidly changing coronavirus (COVID-19) situation, Troutman Sanders and Pepper Hamilton have postponed the effective date of their previously announced merger until July 1, 2020. The new firm – Troutman Pepper – will feature 1,100+ attorneys across 23 U.S. offices. Read more.
Pepper Hamilton represented Boston area-headquartered ArthroSurface Inc. — a leading, privately held provider of less invasive joint surface and preservation solutions for active patients — in its sale to Anika Therapeutics, Inc. The deal closed on February 3, 2020.
Anika acquired all outstanding shares of ArthroSurface in exchange for an upfront payment of approximately $60 million in cash, subject to customary closing adjustments. ArthroSurface shareholders will be eligible to receive up to an additional $40 million contingent on the achievement of certain regulatory and commercial milestones.
Founded in 2002, ArthroSurface was established and funded by Primo Medical Group. Boston Millennia Partners subsequently provided funding to ArthroSurface as sole institutional investor.
ArthroSurface’s product portfolio features more than 150 different surface implant curvatures for the knee, shoulder, hip, ankle, wrist and toe that are designed to treat upper and lower extremity orthopedic conditions caused by trauma, injury and arthritic disease.
Pepper Hamilton partners Steven R. London and Nicholas A. Stawasz from the firm’s Boston office led the multidisciplinary team advising ArthroSurface. Mr. London has represented ArthroSurface since 2003. Other Pepper attorneys on the matter included Keith Y. Guo and Celia I. Marcum.
Steven Tallarida, former chairman of the board of ArthroSurface and chief executive officer of Primo Medical Group, said, “Steve London guided ArthroSurface for many years and was instrumental in helping us reach this significant milestone.”
Andrea Patisteas, a former director of ArthroSurface and senior executive vice president of Primo Medical Group, said, “The entire Pepper team was great, providing 24 x 7 guidance and judgment throughout the process, and always with integrity and professionalism.”
Primo Medical Group offers comprehensive outsourcing solutions to the medical device market, including OEM product distribution services, engineering services, precision component production, finished goods assembly, medical device refurbishment, reusable surgical kit management and complete supply chain management.
Boston Millennia Partners provides private equity financing to high-growth companies in the health care industry.
Anika Therapeutics, Inc. (NASDAQ: ANIK) is a global, integrated joint preservation and regenerative therapies company based in Bedford, Mass. Anika is committed to delivering therapies to improve the lives of patients across a continuum of care, from osteoarthritis pain management to joint preservation and restoration.