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14th March 2022

ConvaTec Completes Acquisition of Triad Life Sciences

Medical products and technologies business ConvaTec Group has completed its acquisition of Triad Life Sciences, a US-focused medical device company.

The Triad team, current portfolio and product pipeline will now transition to ConvaTec’s Advanced Wound Care (AWC) business and be known as ConvaTec Advanced Tissue Technologies.

Triad Life Sciences develops biologically-derived products to address unmet clinical needs in surgical wounds, chronic wounds and burns.

Speaking when the deal was announced, Karim Bitar, chief executive at ConvaTec Group, said: “Triad Life Sciences has innovative and differentiated products and an exciting pipeline which is consistent with our vision – Pioneering trusted medical solutions to improve the lives we touch. We are delighted that Russ and the team have decided to join ConvaTec.”

Russell Olsen, president and chief executive at Triad Life Sciences, added: “ConvaTec has an impressive reputation and unique capabilities in Advanced Wound Care, based on decades of innovation. We are excited to be joining ConvaTec and look forward to accelerating the growth of our innovative technology platform.”

The initial consideration is $125m with two potential additional payments of $25m each relating to short-term milestones. There are also two earnout payments conditional on performance during year one and year two post completion, with the maximum earnout of $275m based on stretching financial performance over the period.

The advisers who worked on the deal were not disclosed.

ConvaTec is a FTSE 250 global medical products and technologies company. In the UK, the business has sites in Reading, Deeside, Sunderland, Tredegar, Basingstoke, Lincoln, Stirling, Cheltenham and Croydon, South Shields and Greenhithe.