Convatec Group completes acquisition of Triad Life Sciences Inc as it enters attractive wound biologics segment1
Convatec Group Plc (CTEC:LON) is pleased to announce that it has completed the acquisition of Triad Life Sciences Inc (‘Triad’). The Triad team, current portfolio and product pipeline will now transition to Convatec’s Advanced Wound Care (AWC) business and be known as Convatec Advanced Tissue Technologies.
For Convatec this represents an entry into the large and rapidly growing wound biologics segment1. This highly-attractive segment2 is currently estimated to be worth c.$1.8 billion per annum globally with a projected growth of high single digit percentage per annum1. Regenerative medicine and biologically-derived therapies are frequently used to treat hard-to-heal wounds which, in the US alone, affect 3.7 million patients each year.
The acquisition supports Convatec’s FISBE strategy (Focus-Innovate-Simplify-Build-Execute) by strengthening Convatec’s AWC position in the US (Focus) and securing access to a complementary and innovative technology platform (Innovation) that enhances advanced wound management and patient outcomes. Triad’s differentiated products and know-how are also highly complementary to Convatec’s existing AWC portfolio and expertise.
The technology, know-how and a pipeline of innovative products is based on porcine placental tissue and offers attractive characteristics in the treatment of hard-to-heal wounds. The latest offerings, InnovaMatrixAC and InnovaMatrixFS, are the first 510k cleared porcine placenta‐derived extracellular matrix products in the US. Sales of the first products in the InnovaMatrix Technology Platform commenced in 2021. In addition, Triad has an attractive pipeline of new products for advanced wound care and also a technology platform with the potential to enter the regenerative medicine segment.
Karim Bitar, CEO, Convatec Group said: “We are pleased to have completed this acquisition and to welcome our new colleagues from Triad. We look forward to working together to grasp this exciting opportunity to strengthen support for the patients and care givers we serve.”
Russell Olsen, General Manager, Advanced Tissue Technologies, said: “It’s an exciting day as we join Convatec – a business with an impressive reputation and unique capabilities in Advanced Wound Care, based on decades of innovation. We look forward to accelerating the growth of our innovative technology platform as part of the Advanced Wound Care business.”
Convatec Group Plc
Convatec is a FTSE 250 global medical products and technologies company focused on solutions for the management of chronic conditions, with leading positions in advanced wound care, ostomy care, continence and critical care, and infusion care. We have more than 10,000 colleagues and sell our products and services in over 100 countries. Our vision is Pioneering trusted medical solutions to improve the lives we touch. Our products provide a range of clinical and economic benefits including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. Group revenues in 2021 were over $2 billion. To learn more about Convatec, please visit www.convatecgroup.com.
1 Wound biologics segment as defined by SmartTRAK. Includes skin substitutes, active collagen dressings and topical drug delivery.
2 SmartTRAK estimate for ‘WorldWide Wound Biologics’ revenues in 2021 and a 5 year CAGR.
Convatec announces the introduction of ConvaFoam™
Convatec announces the introduction of ConvaFoam™Read more
Capital Markets Event
Trading Update for the 10 months ended 31 October 2022
Interim Results for the six months ended 30 June 2022Read more
Entry into the attractive wound biologics segment through the acquisition of Triad Life Sciences IncRead more
Non-Executive Directors - Appointment and ResignationRead more
Annual Results for the twelve months ended 31 December 2021Read more
Convatec Group completes acquisition of Triad Life Sciences Inc as it enters attractive wound biologics segmentRead more
Convatec invests in BlueWind Medical to fund development of innovative neuromodulation technologyRead more
AGM trading update for the four months ended 30 April 2022Read more
Board committee changesRead more