Proteor USA LLC, a wholly owned subsidiary of the France-based, Proteor Group, has signed an agreement with Ottobock to acquire a significant portion of the lower limb prosthetics portfolio of Freedom Innovations.
The agreement was reached by Proteor and Ottobock at the end of September 2020, and the proposed transaction is anticipated to close by the end of 2020.
Under the agreement, Proteor will expand substantially its lower limb prosthetics portfolio and acquire a range of Freedom Innovations’ flagship products, including the Plié3 microprocessor knee, the Kinnex and Kinterra ankles, and the Agilix, Highlander, Dynadapt, Sierra and Pacifica feet products.
Both Proteor and Freedom Innovations share a similar mission to increase the independence and well-being of people who use their products by offering innovative, high-performance solutions that deliver security, stability, and comfort for a reasonable price, a media release from Proteor USA LLC explains.
“We strongly believe in the long-term benefits of this move for the people we serve around the world. By combining the expertise of our teams in the US and Europe, the momentum we generate will continue to build Proteor’s presence within the O&P community.”
— Edouard Archambeaud, COO and member of the Managing Board of Proteor
“We are dedicated to providing inventive, dependable products to the orthotic and prosthetic community that offer increased independence with an outstanding product portfolio. Working with the passionate and skilled team at Freedom Innovations is a pleasure we’re all looking forward to.”
— Matthew Swiggum, President and CEO of Proteor USA
Reinforce Positioning and Growth Strategy
For Proteor, the proposed transaction will reinforce its positioning and growth strategy worldwide, while creating synergies within innovation platforms, significant continuous R&D investment, and a focus on mechatronic lower limb solutions. This proposed transaction will further build upon Proteor’s presence in the United States lower limb prosthetics market, already strengthened by Proteor’s prior acquisition of Ability Dynamics’ RUSH Foot portfolio, the release continues.
The terms of the proposed transaction between Proteor and Ottobock remain subject to the final approval of the Commissioners of the US Federal Trade Commission (FTC) and are meant to satisfy Ottobock’s obligations under the Order from the FTC to divest certain assets from the US company Freedom Innovations.
Once approval from the FTC is obtained, Proteor USA will integrate a significant number of Freedom Innovations team members in manufacturing, sales, marketing, R&D and clinical from Gunnison, Utah; Irvine, California; and Germany.
[Source(s): Proteor USA LLC, Business Wire]