Healthcare company JRI Orthopaedics has been acquired by China’s orthopaedic implant company, AK Medical, in a £16.7m deal.
The Sheffield-based company, which was wholly owned by the charity Orthopaedic Research UK (ORUK), now becomes part of one of the world’s largest 3D-printed orthopaedic implant manufacturers.
The synergy created by combining the two businesses will create a larger and stronger group within the international orthopaedic sector.
JRI Orthopaedics has worked closely with the Beijing-based AK Medical, China’s largest domestic orthopaedic implant producer, for the last three years as part of a strategic growth strategy.
After securing regulatory approval to sell its own high-quality cemented, uncemented and revision hip product portfolio in China, JRI Orthopaedics signed an exclusive distribution deal with AK Medical.
It has also been sub-manufacturing AK Medical implants at its state-of-the-art Chapeltown manufacturing plant where further investment is now planned.
The acquisition will see JRI Orthopaedics continuing as an autonomous business with no change to the company’s management team or Sheffield workforce.
Jerry Agass, JRI Orthopaedics joint managing director, said: “The JRI Board and our staff are excited by the agreement reached with AK Medical and look forward to a stronger future as a combined business.
“Both brands will continue but combining the two businesses will create a larger and stronger group within the international orthopaedic sector and will open up a number of joint opportunities that will benefit customers worldwide.”
AK Medical is a public company listed on the Hong Kong Stock Exchange. It was the first medical device company to commercialise the application of 3D-printing technology in orthopaedic joint and spine replacement implants in China. It commands a leading position in the Chinese orthopaedic joint replacement market with a revenue of £42m and recorded sales growth of more than 30 per cent last year.