Proteor Acquires Freedom Innovations Assets
October 09, 2020
Proteor USA, Tempe, Arizona, signed an agreement with Ottobock, Duderstadt, Germany, to acquire a significant portion of the Freedom Innovations lower-limb prosthetics portfolio. The agreement was reached at the end of September, and the proposed transaction is anticipated to close by the end of the year.
Under the agreement, Proteor will substantially expand its lower-limb prosthetics portfolio and acquire a range of Freedom Innovations' flagship products, including the Plié3 microprocessor knee, the Kinnex and Kinterra ankles, and the Agilix, Highlander, Dynadapt, Sierra, and Pacifica feet products.
The terms of the proposed transaction remain subject to the final approval of the US Federal Trade Commission (FTC) and are meant to satisfy Ottobock's obligations under an FTC order to divest certain assets from Ottobock's purchase of Freedom Innovations.
Once approval from the FTC is obtained, Proteor USA will integrate a number of Freedom Innovations team members in manufacturing, sales, marketing, research and development, and clinical from Gunnison, Utah; Irvine, California; and Germany.