Belgium-based TiGenix is buying U.K. regenerative medicines company Orthomimetics in a share-based agreement that values the firm at $23.8 million on a debt- and cash-free basis.
The acquisition will add Orthomimetics’ CE-marked cartilage repair product, Chondromimetic™, to TiGenix’ pipeline of regenerative medicines products. Chondromimetic is an off-the-shelf, resorbable implant for the minimally invasive repair of small cartilage and bone defects.
TiGenix says the product fills a niche not currently covered by its own pipeline, which is headed by ChondroCelect®. This autologous cell-based product is indicated to repair cartilage in otherwise healthy knees. ChondroCelect received pan-European marketing clearance in October. In November, the company also received a CE mark for ChondroCelect Harvester™, a biopsy tool used by orthopedic surgeons for harvesting cartilage biopsies used in the autologous chondrocyte implantation process for ChondroCelect therapy.
Orthomimetics has specialist expertise and IP in combining collagen, glycosaminoglycans, and calcium phosphate into bioresorbable tissue regeneration scaffolds. TiGenix says that marrying its own cell-based platform with Orthomimetics biomaterials technology will allow it to expand its product R&D into the area of new regenerative medicine products for meniscus, tendon, and ligaments.
TiGenix’ preclinical product pipeline currently includes TGX002/FAB002 for the repair of articular cartilage defects and TGX003 for the treatment of traumatic meniscus lesions.