Japan's Kyocera To Buy Certain Assets From Renovis Surgical; Terms Not Disclosed

(RTTNews) - Kyocera Corp. (KYO), a Japanese manufacturer of medical products, announced Wednesday that its U.S. unit Kyocera International, Inc., has finalized an agreement to buy certain assets from Renovis Surgical Technologies, Inc., a U.S.-based orthopedic and spinal medical device manufacturer and developer. The financial terms of the deal were not disclosed.

The purchasing assets include Renovis' business operations relating to artificial joint and spinal products. The assets will be transferred into a new California-based company wholly owned by Kyocera International to be named Kyocera Medical Technologies, Inc., in March 2019.

Kyocera said it currently manufactures medical products, including artificial joints and dental implants, primarily for the Japanese market. The U.S. orthopedic implant market totals approximately $20 billion, representing about 60% of the global market, with continued growth expected.

To grow internationally, Kyocera obtained U.S. FDA 510(k) clearance for its artificial hip joints and began selling them in the U.S. in 2017.

Kyocera said it plans to expand its U.S. medical equipment business through this asset purchase. The newly established company will develop high value-added products that improve patient health and quality of life through synergies between Kyocera's proprietary technologies and those purchased from Renovis.