MiMedx to Buy Sanara MedTech in $350 Million Cash-and-Stock Deal
The combination would nearly double MiMedx’s surgical revenue and broaden its regenerative-medicine portfolio.
MiMedx Group, Inc. (MDXG) agreed to acquire Sanara MedTech Inc. (SMTI) in a cash-and-stock transaction carrying an enterprise value of about $350 million, a combination designed to expand MiMedx’s presence across surgical specialties. The companies entered into a definitive merger agreement under which MiMedx would acquire all outstanding Sanara shares.
Sanara shareholders would receive $33.00 in cash and 0.4735 MiMedx common shares for each share they own. The stock component was valued at $2.00 a share using MiMedx’s average closing price over the five consecutive days through July 28, bringing the stated consideration to $35.00 a share. That represented a 46% premium to Sanara’s 30-day volume-weighted average share price as of July 28.
The acquisition would accelerate MiMedx's strategy of building a larger surgical business and creating long-term shareholder value. Sanara’s hospital relationships and distribution network are expected to extend MiMedx’s commercial reach, while the combined product lineup would span collagen particulate, wound irrigation, soft-tissue repair and musculoskeletal applications. “Additionally, with today’s announcement to acquire Sanara MedTech, we are accelerating our plan to create long-term success and shareholder value,” MiMedx Chief Executive Joseph H. Capper said.
Sanara developed and commercialized regenerative products for surgical markets, including CellerateRX Surgical Powder and BIASURGE Advanced Surgical Solution. Its portfolio also included tissue-repair grafts and biologic products used in surgical care. Sanara held exclusive U.S. distribution rights to OsStic BioAdhesive Advanced Bone Fixation, an injectable technology carrying an FDA Breakthrough Device designation and targeted for a 2027 commercial launch. Those products would give MiMedx additional routes into operating rooms and expand its offering beyond soft-tissue applications.
The transaction would nearly double MiMedx’s surgical revenue and be immediately accretive to its revenue growth rate, gross margin and adjusted EBITDA margin. The combined business is expected to generate well over $400 million in revenue in 2027, with an adjusted EBITDA margin above 20%, including more than $20 million of anticipated run-rate cost savings. Those targets depend on completing the integration and realizing the expected commercial and operating benefits.
MiMedx planned to fund the cash portion with cash on hand and a committed $300 million term loan from Hayfin Capital Management. The boards of both companies unanimously approved the agreement, which is expected to close by the end of the year. Completion remains subject to Sanara shareholder approval, required regulatory clearances and customary closing conditions, leaving execution of the expanded surgical strategy tied to the deal’s regulatory and integration path.