DURHAM – Restore3d, which provides custom-made surgical implants and recently raised $12 million in new capital, is acquiring Massachusetts-based Conformis in an all-cash deal.
Conformis, with a market cap of some $8.6 million at the time the sale was announced on Thursday, is publicly traded (Nasdaq: CFMS). Its stock rose more than 90% after the deal announcement to more than $2.
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The sale price is $2.27 per share in cash.
“This combination will create a leading personalized 3D-printed medical device company. Together, we share a common belief in the power of personalization. By leveraging the strengths in our respective portfolios around artificial-intelligence-driven implant design, digital automation, and 3D printed osseointegrative biomaterials, we see tremendous opportunity to offer clinically differentiated and cost-effective solutions across the orthopedic landscape, including shoulder, foot & ankle, spine, and large joints,” stated Kurt Jacobus, Chief Executive Officer of restor3d, in a statement.
The deal is expected to close by the end of the third quarter.
Conformis shares have fallen sharply over the past year, down from a price of more than $9.
