Integrated healthcare holding firm Generex Biotechnology has signed a letter of intent (LOI) to acquire Pantheon Medical – Foot & Ankle.
Pantheon Medical – Foot & Ankle is engaged in the manufacturing of specialty orthopedic surgery products and tools.
As per terms of the deal, Generex will purchase complete assets of Pantheon Medical, including business operations, accounts receivable and inventory, contracts and an FDA letter related to balanced plating system, on a debt free basis, for $1.4m worth of its stock.
Generex will also pay additional cash and stock consideration based on achievement of certain sales and profit goals.
In 2014, Pantheon Medical has started operations with a physician friendly all-in-one integrated kit, which included plates, screws, and tools needed for orthopedic surgeons and podiatrists carrying out foot and ankle surgeries.
The company will engage in the development and submission of of various new product lines to the FDA in the next three years. The products under development include cannulated surgical screws and surgical staples, and an advanced hammertoe system.
Pantheon Medical CEO Travis Bird said: “Partnering with Generex will enable us to expedite Pantheon’s ability to build a manufacturing company with proprietary product lines that offer convenience and cost effectiveness to physicians.”
Generex CEO Joe Moscato said: “Our MSO partners, many of whom are orthopedic surgeons and podiatrists, will immediately benefit from Pantheon’s Foot & Ankle surgery kit.
“The acquisition demonstrates Generex’s commitment to providing end-to-end solutions that enhance physician’s practice and improve outcomes for patients. We are in the process of completing the due diligence on the Pantheon acquisition, with plans to close the transaction in the coming weeks.”
Generex Biotechnology is an integrated healthcare holding firm, which provides end-to-end solutions for patient centric care ranging from rapid diagnosis through delivery of personalized therapies.
The firm’s recent acquisitions include management services organization network of pharmacies, clinical laboratory, and medical device companies with new and approved products.