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More in this series:

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-Transformational acquisition of Peters Surgical strengthens AMS’s position as a leading global specialist in tissue repair and skin closure

-Acquisition expected to deliver high single-digit earnings accretion in the first full year

Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), a world-leading specialist in tissue healing technologies, is pleased to announce it has entered into an agreement for the proposed acquisition of Peters Surgical, a leading global provider of specialty surgical sutures, mechanical haemostasis and internal cyanoacrylate devices.

Overview of Peters Surgical

• Peters Surgical is one of the leading European providers of speciality surgical products, generating revenues of €84.0 million in the twelve months to 31 December 2023
• Strengthens AMS’s position as a leading global specialist in tissue repair and skin closure, with a complementary product portfolio
• Significant long-term cost and commercial synergies, including increased direct sales capabilities, geographic expansion and cross-selling opportunities
• Expected to deliver high single digit earnings accretion in the first full year of ownership, being FY25
• Transaction is expected to complete at the end of June 2024
• Post-acquisition pro forma leverage of c.1.5x which is expected to reduce materially thereafter

-Initial consideration of €7 million for tissue adhesive technology specialist

-Complementary strategic fit strengthens ability to develop and launch new technologies

Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), the world-leading specialist in tissue-healing technologies, announces it has acquired Connexicon Medical Limited (“Connexicon”), a tissue adhesive technology specialist. Consideration consists of an initial, up-front payment of €7 million with further deferred payments dependent on the delivery of certain research & development, regulatory and commercial milestones between 2023 and 2027. The acquisition further strengthens AMS’s position in the $300 million global tissue adhesive market, expands its product portfolio and significantly enhances its technical and R&D capabilities in cyanoacrylate technology.

Overview of Connexicon

Connexicon is a Dublin based specialist in medical tissue adhesives that originated from a carve-out of management, technology and expertise from Henkel AG & Co. KGaA. It has a technology platform currently commercialised in Europe under the brand name Indermil® FlexifuzeTM and an exciting pipeline of new products targeting US approval by early 2024. Based on unaudited management accounts, in the year ended 31 December 2022 Connexicon is expected to report revenues of €1.6 million, EBITDA of €0.3 million and gross assets of approximately €4.9 million.