Life sciences firm Collagen Solutions has struck a deal to buy a product used to repair minor damage to knee joints.
The acquisition of the assets and intellectual property (IP) for ChondroMimetic is the last in a string of announcements by the Glasgow-based firm as it looks to grow to a £100 million business in the next five years. ChondroMimetic is a collagen-based implant for the treatment of small cartilage and underlying bone defects. The market it is aimed at is estimated to be worth more than $500m (£325m).
Collagen Solutions chief executive Stewart White said the deal to buy the product from its owners, Cambridge University spin-out Orthomimetics and Cambridge Enterprise, was an important next step for the company as it was the first acquisition of a medical device.
Ian Harris, director of Orthomimetics, said Collagen Solutions “had the resources and knowledge-base to see ChondroMimetic build on its early promise”. Earlier this month Collagen Solutions said one of its long-term clients had gained US approval for a new device that makes collagen products easier to use. In September it was chosen to take part in a €4m European research project aimed at developing new treatments for Parkinson’s disease.
See the article in full at Scotsman.com