March 12, 2018 / 10:57 AM / 10 days ago

Medartis to use IPO proceeds to expand amid rising implant demand

ZURICH (Reuters) - Swiss medical devices group Medartis plans expansion in markets including the United States — where it commands higher prices than in Europe — while continuing investments in Germany, executives said on Monday while unveiling listing plans.

A logo of Medartis, a Swiss producer of metal implants for the surgical management of fractures, is seen during a news conference to present the planned IPO, in Zurich, Switzerland March 12, 2018. REUTERS/Moritz Hager

Chairman Thomas Straumann — whose 21-year-old company makes medical devices for surgical bone repair in the hands, wrists, ankles and jaw — said these fields are growing more quickly than implants for knees, hips or backs.

A rise in activities like riding electric bicycles — and the accompanying accidents — is spurring growth in implant demand. Straumann said one in seven people breaks his or her wrist during their lifetime.

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“Today there are many complicated fractures that perhaps earlier were treated with a cast, but are now fixed with screws,” said Straumann, who will maintain a stake in the company of between 46.4 percent and 50.1 percent.

Straumann is also a major shareholder in dental implants maker Straumann (STMN.S).

    Medartis set the price range for its IPO of up to 2.84 million new shares at 44 to 54 Swiss francs per share, targeting proceeds of around 123.7 million francs. That could hit 142.5 million francs including a 15 percent over-allotment option.

    Reporting by John Miller; Editing by Michael Shields

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