Corin announced a binding agreement to acquire hip and knee device manufacturer Global Orthopaedic Technology (GOT), lending scale to Corin’s operations in Australia, where its R&D Hub is located. Terms of the purchase were not disclosed.
Corin targeted GOT as part of its plan for global expansion in the joint reconstruction market.
The transaction expands its portfolio of surgical-assisted tools, such as the Optimized Positioning System for hip replacement, which Corin acquired in 2014 from Australian company Optimized Ortho. Launched in 1Q17, OPS is designed to reduce wear and dislocation rates through use of pre-op functional simulation and intra-op positioning that employs 3D printing and laser guidance.
Corin has also made strategic acquisitions in Europe, having purchased Tornier’s joint reconstruction portfolio from Wright Medical in 2016 and its own Belgium and Luxemburg distributor in 2017.
GOT, which bills itself as the largest Australian-owned orthopaedic implant designer and manufacturer, was established in 1999 and serves Australia and the U.S.—two markets in which Corin has an established presence.
GOT has grown through alliances that combine its hip and knee implants with computer-assisted-surgery systems, including:
- A 2015 collaboration with Materialise to use its 3D surgical planning software and patient-specific guides in total knee replacements where GOT implants are used.
- A 2017 agreement with OMNIlife science to gain exclusive rights to manufacture, market and distribute OMNI’s APEX™ Knee in Australia, South Africa and New Zealand. GOT also acquired rights to market OMNI’s OMNIBotics® robotic-assisted total knee and computer-assisted total hip replacement technology in the three countries. OMNI retained U.S. distribution access for GOT’s Paragon hip.
In addition, through other partnerships, GOT distributes biologics from Artoss and Kyeron.
In 2Q18, Corin was purchased by a Permira funds-backed company in order to fuel its next stage of development. For 2017, ORTHOWORLD estimated Corin’s revenue between US $120MM to $130MM.
Sources: Corin Group, ORTHOWORLD Inc.
Julie Vetalice is ORTHOWORLD’s Editorial Assistant. She can be reached by email.