Anika Therapeutics, Inc. (NASDAQ: ANIK), a medical device company that develops therapeutic products for tissue protection, healing and repair, announced two acquisitions in mid-Januaryto bolster its device portfolio.

For a modest sum of $35 million upfront and a potential $60 million in milestones, the company acquired Parcus Medical, LLC, which provides implant and instrumentation products used by surgeons to repair and reconstruct damaged ligaments and tendons due to sports injuries, trauma and disease. The deal will help expand Anika’s offerings into the ambulatory surgical center (ASC) market.  Parcus reported $12.5 million in revenue in 2019.

Anika also acquired Arthrosurface for $60 million upfront and $40 million in potential milestones. The target company provides joint surface and preservation solutions for active patients and reported annual revenue in 2019 of $29 million. Its portfolio includes more than 150 different surface implant curvatures for the knee, shoulder, hip, ankle, wrist and toe that are designed to treat upper and lower extremity orthopedic conditions caused by trauma, injury and arthritic disease. The addition will significantly expand Anika’s product portfolio and platform, adding high-growth and diversified revenue streams. 

On a trailing 12-month basis, Anika generated revenue of $111.8 million, EBITDA of $43.7 million and net income of $30.9 million.