Anika Therapeutics (ANIK) announced the divestiture of its Arthrosurface business and the intention to divest of the Parcus Medical business. These decisions are the result of the Company’s ongoing company-wide strategic review. The sale of the Company’s Arthrosurface business to Phoenix Brio, Incorporated closed today, October 31, 2024. The Company received consideration of $10 million in the form of a ten year non-interest bearing promissory note for $7 million, and an estimated $3 million of additional consideration subject to the sales performance of Arthrosurface. The aggregate consideration payable in connection with the transaction is subject to customary post-closing adjustments. Anika and the buyer have agreed to provide certain support services through early 2025 and are committed to ensure a continuity of product and high levels of service to distributors and customers during this time. As part of the comprehensive strategic review, Anika has decided to pursue the sale of Parcus Medical, our sports medicine business based in Sarasota, FL. Parcus is a respected competitor in the $3 billion global sports medicine market and has a long-standing reputation for quality and a broad portfolio of products to treat various soft tissue injuries, particularly in the shoulder, hand/wrist, and foot/ankle. Anika does not intend to discuss developments with respect to the sale process until a transaction is approved, or disclosure becomes otherwise appropriate.
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