Acquisitions · Medical (orthobiologics)
GNI buys Elutia's orthobiologics business for $15 million upfront
- Buyer
- GNI Group (via Berkeley Biologics) (Tokyo)
- Target
- Elutia (orthobiologics business), Silver Spring, Maryland
- Value
- $15M (about ¥2.2B) upfront, plus up to $20M over five years
- Status
- Completed November 8, 2023.
- Date
- 2023-09-18
GNI Group's US unit Berkeley Biologics bought the orthobiologics business of Nasdaq-listed Elutia, which makes bone-repair products from natural materials for other companies. GNI pays $15 million at closing and up to $20 million more over five years based on results. The business had about ¥2 billion in sales.
Why it matters
It adds to GNI's US bone-graft maker Berkeley Advanced Biomaterials. Elutia used the cash to focus on its drug-eluting products.
The seller
Elutia, based in Maryland, was formerly called Aziyo Biologics. Mizuho Securities USA advised it on the sale. Its remaining pipeline included CanGaroo RM, a drug-eluting product heading for FDA clearance, and a version of its SimpliDerm biomatrix for breast reconstruction.
What GNI bought
Orthobiologics are products made from substances found naturally in the body, used to treat damage and disease in bones and joints. The unit made them under contract for other companies and earned an operating profit of about ¥250 million.
Sources
Kakehashi M&A News home
