MiMedx to Acquire Sanara MedTech in $350 Million Cash-and-Stock Deal

MiMedx Group has agreed to acquire Sanara MedTech, a Fort Worth, Texas, maker of surgical wound and tissue-repair products, in a cash-and-stock deal valued at $35 per Sanara share and a total enterprise value of approximately $350 million, the companies announced on July 29 in a release distributed by GlobeNewswire and read via BioSpace.

Under the merger agreement, Sanara shareholders will receive $33.00 in cash plus 0.4735 MiMedx shares for each Sanara share. The companies valued the stock portion at $2.00 per share, based on MiMedx's average closing price of $4.22 over the five trading days through July 28. The total consideration represents a 46% premium to Sanara's 30-day volume-weighted average share price as of July 28.

Financing and timing

MiMedx, based in Marietta, Georgia, plans to pay the cash portion with cash on hand and a new $300 million committed term loan from Hayfin Capital Management. Its existing credit agreement will be terminated and repaid in full once the new debt documentation is signed, the release said.

Both boards unanimously approved the transaction, which is expected to close by the end of the year, subject to approval by Sanara shareholders, required regulatory approvals and other customary conditions. MiMedx intends to file a registration statement on Form S-4 with the Securities and Exchange Commission that will include Sanara's proxy statement.

A push into the operating room

MiMedx, which sells products for wound care, burn and surgical uses, said the deal would nearly double its surgical revenue. Sanara sells products including CellerateRX Surgical Powder, a collagen product, and BIASURGE Advanced Surgical Solution, a no-rinse irrigation solution, mainly to the U.S. surgical tissue repair market. It also holds exclusive distribution rights to OsStic BioAdhesive Advanced Bone Fixation, a synthetic injectable bio-adhesive that has received FDA breakthrough device designation; Sanara is working toward a 2027 commercial launch.

The companies projected combined 2027 revenue "well in excess of $400 million" with an adjusted EBITDA margin above 20%, including more than $20 million of expected run-rate cost synergies. Those are company forecasts.

"Over the last several years, MIMEDX has demonstrated the ability to drive strong, double-digit growth in surgical end markets," said Joseph H. Capper, MiMedx's chief executive. "With Sanara, we will accelerate this effort and meaningfully expand our reach across several subspecialties."

Seth Yon, Sanara's president and CEO, said the Sanara board "conducted a robust process and determined that the resulting transaction delivers a compelling and certain cash premium to shareholders while providing the opportunity to participate in the future value creation of the combined company."

Centerview Partners is MiMedx's exclusive financial adviser, with Greenberg Traurig as legal adviser. Truist Securities is advising Sanara, with Alston & Bird as legal counsel.

MiMedx issued its second-quarter 2026 results alongside the deal announcement and scheduled a conference call for 4:30 p.m. Eastern on July 29 to discuss both.