Misonix has completed its previously announced acquisition of privately held Solsys Medical in an all-stock transaction valued at approximately $109 million on the date prior to closing. A press release reports that Solsys and its leading cellular and tissue-based wound treatment, TheraSkin, is highly complementary to Misonix’s cutting-edge ultrasonic wound debridement solution, SonicOne—providing Misonix with a large direct advanced wound care channel-to-market that will enable it to expand SonicOne sales, and together with TheraSkin, establish a new standard of care in the growing chronic wound care market.
Under the terms of the agreement, Misonix acquired Solsys for a total consideration valued at approximately $109 million, consisting of the issuance of approximately 5.7 million new shares to former Solsys unitholders. Misonix shareholders now own approximately 64% of the combined entity, and former Solsys unitholders own approximately 36%. Misonix has assumed Solsys’ outstanding secured debt of approximately $24 million.
Stavros Vizirgianakis, president and CEO of Misonix, states: “Over the last two years, we have actively managed our business to best position Misonix for the future with the goal of delivering world-class solutions clinically proven to improve patient outcomes, while creating new value for our healthcare partners and shareholders. The addition of Solsys to our product portfolio addresses these strategic objectives as it further advances our revenue and competitive position by substantially broadening Misonix’s addressable market through wound care solutions that are complementary to our existing products. In addition, we expect that the combination of the added 80 wound-centric professionals from Solsys, along with our 55 professionals focused exclusively on the surgical market, will enable us to drive increased sales productivity and market penetration of the combined company’s products in operating rooms and hospital outpatient facilities.”
He adds that Misonix looks forward to working with “Solsys’ experienced management team and employees to serve our existing and new customers and maintain the positive operating momentum across our business while remaining focused on prudently managing our capital resources as we pursue our goals for sustainable long-term revenue growth and profitability”.