Generex Biotechnology has completed the acquisition of Pantheon Medical Foot & Ankle, a manufacturer of speciality orthopaedic surgery products and tools.
Under the transaction terms, Generex will acquires all the assets of Pantheon Medical including business operations, accounts receivable and inventory, contracts, real estate, and an FDA letter related to balanced plating system, on a debt-free basis.
The acquisition is a non-cash transaction that includes Generex (GNBT) stock, and additional cash and stock consideration upon obtaining certain sales and profit goals.
Generex CEO Joe Moscato said: “We are happy to close the acquisition of Pantheon as we expand our surgical product portfolio that is focused on providing our MSO network with the surgical implants and kits that they routinely utilise in their orthopaedic and podiatric practices.
Established in 2014, Pantheon Medical Foot & Ankle offers a physician-friendly, integrated kit that comprises plates, screws, and tools required for orthopaedic surgeons and podiatrists conducting foot and ankle surgeries.
Pantheon is planning to develop several new product lines, including cannulated surgical screws and surgical staples, along with a proprietary Hammertoe System over the next three years, and submit to the FDA.
Pantheon Medical CEO Travis H. Bird said: “We have built Pantheon Medical with a commitment to providing our surgeon customers with the highest quality surgical implants and tools in an integrated surgical kit for foot and ankle surgeries.
“Our standard “All-in-One” kits provide surgeons with an integrated kit of the implants, plates, screws and clips to perform 80% of their surgeries, and the kits can be customised for physician preference, offering convenience and performance at an economic price. We expect that Generex and the NuGenerex MSO will benefit greatly from our partnership and we look forward to bringing our FDA-cleared line of surgical products to the network.”
The acquisition of Pantheon Medical Foot & Ankle was announced in January 2019.
Generex is an integrated healthcare holding company offering end-to-end solutions for patient centric care from rapid diagnosis through delivery of personalised therapies.