Synoste Oy was acquired by US-based Globus Medical for $23.5 million.

Finland M&A 03 November 2020
Share on FacebookShare on Twitter

Synoste, an Espoo, Finland and Düsseldorf, Germany-based medical device company producing high technology implants for minimally invasive bone lengthening treatment, announced that it was acquired by the US-based Globus Medical.

The deal was made for $23.5 million through Globus Medical' subsidiary, Globus Medical Ireland, Ltd, which acquired all of the outstanding equity of Synoste Oy.

Globus Medical is a leading medical device manufacturer based in Pennsylvania, USA that develops, manufactures, and distributes musculoskeletal device solutions. 

Synoste, founded in 2012 by Juha Haaja and CEO Harri Hallila, developed a high-tech implant for a minimally invasive treatment of leg length discrepancy, which can lead to chronic back pain and osteoarthritis in the long term. The bone of the shorter leg is lengthened in a gentle way over a period of several months.

Synoste had raised about $12M in venture investment from High-Tech Gruenderfonds (HTGF), Evonik Venture Capital, Lifeline Ventures, Innovestor, AO Foundation and angels.