MiMedx Group, Inc. (MDXG) announced it has entered into a definitive merger agreement to acquire Sanara MedTech Inc. Under the terms of the agreement, Sanara will merge with a subsidiary of MiMedx and become a wholly-owned subsidiary.
Key Details
- Merger Consideration: Sanara stockholders will receive $33.00 in cash and 0.4735 shares of MiMedx common stock for each Sanara share. The stock portion represented a value of $2.00 per share at the time of the agreement.
- Transaction Financing: MiMedx has secured a $300.0 million debt commitment in the form of a first lien senior secured term loan facility from funds managed by Hayfin Capital Management LLP to finance the transaction.
- Agreement Terms: The merger is subject to Sanara stockholder approval and regulatory clearances. Sanara stockholders representing approximately 38.9% of voting power have entered into a voting agreement in support of the deal. Sanara would be obligated to pay MiMedx a termination fee of $22.54 million under certain circumstances.