Smith & Nephew announced it has entered into an agreement to acquire Ceterix Orthopaedics Inc. for the NovoStitch Pro Meniscal Repair System.

According to a press release, the device addresses complex meniscal tear patterns. Smith & Nephew will reportedly pay a cash consideration of $50 million initially and up to an additional $55 million during the course of 5 years, dependent on financial performance. The NovoStitch reportedly provides surgeons a broader range of meniscal tear types to repair arthroscopically. The device will be sold through Smith & Nephew’s sports medicine sales force and Ceterix’s sales force. The system has FDA 510(k) clearance in the United States.