Corin Group, a U.K.-based orthopedic company, will acquire Omni, a robotic knee surgery platform developer. Raynham, Mass.-based Omni developed its OmniBotics system as an image-less total knee replacement solution that combines a robotic cutting guide with a robotic tool to measure ligament function.
The system allows surgeons to tailor the implant position to each individual patient, resulting in less patient pain and faster rehabilitation, according to a statement from Corin. The company said it is working to revolutionize orthopedics by gaining, understanding and sharing insight at every stage of joint replacement and deliver clinically proven technology-based procedures.
“We look forward to working together as a combined organization to further develop our presence in the world’s largest market – the United States,” said Corin CEO Stefano Alfonsi in the company statement. “With the combination of Corin’s unique optimized positioning system for the hip and the OmniBotics platform for the knee, Corin is now uniquely positioned to address functional patient-specific joint replacement.”
Omni CEO Rick Epstein said the timing of the acquisition is perfect. “We are thrilled to be joining Corin to maximize the potential of our robotic solutions, adding another unique technology to their ecosystem,” he added.
European private-equity firm Permira provided an undisclosed amount of funding for the acquisition.
“The U.S. market for robotics in orthopedics is growing at a very rapid pace, and with the addition of Omni’s technologies, we expect Corin to remain at the forefront of development in robotics and computer-assisted surgery,” said Henry Minello, principal in Permira’s healthcare team. “We are excited about the potential to scale OMNI’s highly innovative products in the U.S. and into other geographies where Corin operates.”
Wright Medical sold its large-joints business to Corin for $32.3 million in 2016. The Omni acquisition is expected to close by the end of March 2019.
Robotics investments totaled at least $4.3 billion in February 2019 in a steep increase from January, which had about $1.4 billion. In addition, companies reported approximately $3.9 billion worth of acquisitions this past month.