Medical device manufacturer Globus Medical has acquired Synoste, a Norway-based developer of orthopaedic bone lengthening technology, enabling specialty chemical producer Evonik to exit.
Founded in 2012, Synoste has created an orthopaedic implant used to treat patients with leg length deformities. It is made using malleable polymer materials supplied by Evonik and can be modulated through a wireless device to gently stretch out the bone in the patient’s shorter leg.
Globus will now work with Synoste to further develop its technology. It last raised money in late 2018, securing $5.8m from Lifeline Ventures and AO Invest to take its total funding at the time to $11.7m.
Evonik took part in a seven-figure euro (€1m = $1.1m) series A round for the company in 2016 that included $2.5m raised the previous year from medical device services provider Mectalent, High-Tech Gründerfonds (HTGF), Finnvera, Lifeline Ventures, Metsola Ventures and various individuals.
Synoste’s other investors include Innovestor Ventures and Tekes, while HTGF, Finnvera and Lifeline Ventures took part in the series A round as existing backers.
The original version of this article appeared on our sister site, Global University Venturing. Evonik had previously announced the divestment of its stake in Synoste to Globus.