Solventum announced it has reached a definitive agreement to acquire Acera Surgical in a transaction valued at up to $850 million, marking a significant expansion into the fast-growing synthetic tissue matrices segment of the United States regenerative wound care market. The deal includes $725 million in cash at closing and up to $125 million in contingent payments tied to future milestones. The acquisition represents Solventum’s first tuck-in transaction as part of its broader transformation strategy.
Acera Surgical, founded in 2013, develops fully engineered synthetic materials for regenerative wound care using a proprietary electrospinning technology platform. The company’s flagship Restrata products, already available in the United States, are used to treat complex, hard-to-heal wounds in acute care settings. Solventum expects the acquisition to accelerate the adoption of Restrata products by integrating Acera’s offerings with its global commercial infrastructure, specialized wound care sales team, and strong clinical partnerships across acute care environments.
The acquisition deepens Solventum’s MedSurg portfolio and extends its capabilities in advanced wound care. The synthetic tissue matrices segment, part of a broader $900 million category in the United States acute care market, has become increasingly important as hospitals seek new solutions for complex wounds that require durable and regenerative treatment options. Solventum said the addition of Acera’s products and technology will enhance the treatment choices available to clinicians, strengthening the company’s value proposition in acute care.
Solventum estimates Acera will generate approximately $90 million in revenue in 2025. On an adjusted basis and excluding possible effects from share repurchases announced on the same day, the acquisition is expected to be slightly dilutive to adjusted earnings per share in 2026 and accretive beginning in 2027. The company will fund the transaction with cash on hand and does not plan to take on additional debt. Closing is anticipated in the first half of 2026, pending customary regulatory approvals and conditions.
Support: Morgan Stanley is serving as financial advisor to Solventum, with McDermott Will & Schulte acting as legal counsel. Truist Securities is serving as Acera’s financial advisor, and Hogan Lovells US is acting as legal advisor.
KEY QUOTES
“Regenerative wound care is an exciting and fast-growing space, and Acera has innovative technology to meet a significant unmet need in acute wound care. Expanding our advanced wound care portfolio into the high-growth synthetic tissue matrices category complements solutions within our existing portfolio and enhances the options our specialized commercial team can provide doctors, nurses, and decision makers within acute care settings.”
“This is another bold step in our three-phased transformation plan. Our strong financial performance and the strength of our balance sheet have enabled us to move quickly with our first tuck-in acquisition and the announcement of our first share repurchase program. With Solventum’s broad market presence, depth of clinical partnerships and commitment to advancing healthcare, we are confident this acquisition will create significant value for patients, clinicians and shareholders.”
Bryan Hanson, Chief Executive Officer of Solventum
