MiMedx to Buy Sanara MedTech for $350M

MiMedx Group and Sanara MedTech began a merger agreement under which MiMedx will acquire all outstanding shares of Sanara in a transaction valued at $35 a share, with an enterprise value of about $350 million.

Sanara develops and commercializes regenerative products for surgical markets and has delivered double-digit revenue growth while expanding its commercial presence. The transaction would combine MiMedx’s surgical portfolio with Sanara’s technologies in collagen particulate, wound irrigation, and bone fixation. Sanara’s portfolio includes CellerateRX surgical powder, BIASURGE advanced surgical solution, and soft tissue and musculoskeletal products.

The company is also targeting a 2027 launch for OsStic BioAdhesive advanced bone fixation, an FDA Breakthrough Device.

The combination creates a larger, more diversified surgical technology platform by pairing Sanara’s proprietary surgical solutions—including CellerateRX Surgical Powder, BIASURGE Advanced Surgical Solution, and rights to OsStic BioAdhesive Advanced Bone Fixation—with MIMEDX’s growing surgical business. The combined company would expand beyond soft tissue into complementary musculoskeletal applications.

The transaction, which has been approved by both companies’ boards of directors, is expected to close by the end of the year.

Comments from MiMedx and Sanara execs

Joseph H. Capper, MiMedx CEO: “We are thrilled to announce the planned combination with Sanara MedTech and look forward to welcoming their team to the MIMEDX family in the near future. Over the last several years, MIMEDX has demonstrated the ability to drive strong, double-digit growth in surgical end markets. With Sanara, we will accelerate this effort and meaningfully expand our reach across several subspecialties. On a combined basis, 2027 total revenue is expected to be well in excess of $400 million with an adjusted EBITDA margin expected to be over 20%.”

Seth Yon, Sanara’s president and CEO: “This exciting transaction brings together two highly focused organizations with deep benches of talent and strong momentum in the surgical space. By combining Sanara with MIMEDX’s broad portfolio, robust commercial capabilities and commitment to innovation, we will be positioned to deepen our existing distributor relationships while expanding our presence in the operating room. The Sanara Board of Directors conducted a robust process and determined that the resulting transaction delivers a compelling and certain cash premium to shareholders while providing the opportunity to participate in the future value creation of the combined company. I am grateful to the outstanding Sanara team for their focus, hard work and dedication, and I look forward to bringing our teams together to build a stronger business with even greater opportunity in surgical care.”