Evonik Industries AG

10/21/2020 | Press release | Distributed by Public on 10/21/2020 02:19

Evonik sells stake in Synoste to Globus Medical in successful venture capital exit

'The cooperation was very successful with Evonik supporting us in the development of our products and the growth of the company as a whole,' said Harri Hallila, managing director of Synoste.

Since Evonik Venture Capital's first investment in Synoste in December 2015, Evonik's High Performance Polymer business line has worked with the start-up to develop the best design for the implant, in which PEEK encases the electronics of the remotely controlled lengthening device.

'The deeper understanding of requirements for medical devices and of the regulatory approval process will help us with future projects,' said Marc Knebel, head of Medical Systems at the High Performance Polymers business line. 'We are excited about other potential medical applications for PEEK, which has the ideal properties to replace ever more metal implants.'

Globus Medical, based in Audubon, Pennsylvania, USA, is a leading medical device manufacturer. The company was founded in 2003 with the goal of improving the quality of life for patients with musculoskeletal disorders, which are injuries and disorders that affect the human body's movement or musculoskeletal system such as bones, muscles, tendons and ligaments.