MiMedx Group and Sanara MedTech announced they have entered into a definitive merger agreement. MIMEDX will acquire all outstanding shares of Sanara in a cash and stock transaction valued at $35 per Sanara share, with a total enterprise value of approximately $350 million.
Sanara focuses on developing and commercializing regenerative products for surgical markets. The transaction combines MIMEDX’s surgical portfolio with Sanara’s technologies across collagen particulate, wound irrigation, and bone fixation, including Sanara’s CellerateRX Surgical Powder and BIASURGE Advanced Surgical Solution. Sanara is also working toward a 2027 commercial launch of OsStic BioAdhesive Advanced Bone Fixation, a Breakthrough Device as designated by the U.S. Food & Drug Administration.
The deal is expected to nearly double MIMEDX’s surgical revenue. On a combined basis, 2027 total revenue is expected to be well in excess of $400 million, with an adjusted EBITDA margin expected to be over 20%, including more than $20 million in anticipated run-rate cost synergies.
Under the terms of the agreement, Sanara shareholders will receive $33.00 in cash and 0.4735 shares of MIMEDX common stock for each Sanara share. The merger consideration represents a premium of 46% to Sanara’s 30-day volume-weighted average share price as of July 28, 2026.
MIMEDX expects to finance the cash portion of the transaction through cash on hand and a new $300 million term loan secured with Hayfin Capital Management, LLP. MIMEDX’s existing credit agreement will be terminated and repaid in full in connection with the new debt financing.
The transaction has been unanimously approved by the boards of both companies. It is expected to close by the end of the year, subject to Sanara shareholder approval, required regulatory approvals, and other customary closing conditions. Centerview Partners LLC is serving as exclusive financial advisor and Greenberg Traurig LLP as legal advisor to MIMEDX. Truist Securities, Inc. is serving as exclusive financial advisor and Alston & Bird LLP as legal advisor to Sanara.
KEY QUOTES:
We are thrilled to announce the planned combination with Sanara MedTech and look forward to welcoming their team to the MIMEDX family in the near future. Over the last several years, MIMEDX has demonstrated the ability to drive strong, double-digit growth in surgical end markets. With Sanara, we will accelerate this effort and meaningfully expand our reach across several subspecialties. On a combined basis, 2027 total revenue is expected to be well in excess of $400 million with an adjusted EBITDA margin expected to be over 20%.
Joseph H. Capper, MIMEDX Chief Executive Officer
This exciting transaction brings together two highly focused organizations with deep benches of talent and strong momentum in the surgical space. By combining Sanara with MIMEDX’s broad portfolio, robust commercial capabilities and commitment to innovation, we will be positioned to deepen our existing distributor relationships while expanding our presence in the operating room. The Sanara Board of Directors 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.
Seth Yon, Sanara’s President and Chief Executive Officer
