-Initial consideration of €7 million for tissue adhesive technology specialist
-Complementary strategic fit strengthens ability to develop and launch new technologies
Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), the world-leading specialist in tissue-healing technologies, announces it has acquired Connexicon Medical Limited (“Connexicon”), a tissue adhesive technology specialist. Consideration consists of an initial, up-front payment of €7 million with further deferred payments dependent on the delivery of certain research & development, regulatory and commercial milestones between 2023 and 2027. The acquisition further strengthens AMS’s position in the $300 million global tissue adhesive market, expands its product portfolio and significantly enhances its technical and R&D capabilities in cyanoacrylate technology.
Overview of Connexicon
Connexicon is a Dublin based specialist in medical tissue adhesives that originated from a carve-out of management, technology and expertise from Henkel AG & Co. KGaA. It has a technology platform currently commercialised in Europe under the brand name Indermil® FlexifuzeTM and an exciting pipeline of new products targeting US approval by early 2024. Based on unaudited management accounts, in the year ended 31 December 2022 Connexicon is expected to report revenues of €1.6 million, EBITDA of €0.3 million and gross assets of approximately €4.9 million.