Solventum, which spun out of 3M nearly two years ago, will shell out up to $850 million for wound care specialist Acera Surgical in its first major acquisition.
At the same time, Solventum announced it would launch a repurchasing program to buy back up to $1 billion of its shares.
Under terms of the acquisition, Solventum will pay $725 million in cash, with up to $125 million more being tied to future milestones linked to Acera’s implantable synthetic sheets, meshes and other products for aiding in the recovery of complex, hard-to-heal wounds. The two companies said they expect the deal to be completed in the first half of 2026.
The tuck-in deal aims to provide Solventum an accelerated timeline for adopting Acera’s Restrata platform for soft tissue, which employs a fully resorbable, electrospun matrix to support cell ingrowth.
“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,” Solventum CEO Bryan Hanson said in a statement, with the company’s previous wound care catalog including negative-pressure therapies and advanced dressings.
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Both the acquisition and Solventum’s first buyback program are part of a “three-phased transformation plan,” Hanson added.
In June, Acera won an FDA 510(k) clearance to expand the use of Restrata in reinforcing soft tissue weaknesses, including beneath primary skin closures in plastic and reconstructive procedures as well as for closures at risk of reopening or breaking down. The platform provides structural support to surrounding tissues before fully resorbing within three to four weeks.
Solventum estimates that Acera will likely post about $90 million in sales for 2025. The deal is expected to be “slightly dilutive” to adjusted earnings per share in 2026 and accretive to adjusted earnings starting in 2027, the company said.
St. Paul, Minnesota-based Solventum was formed in April 2024 when 3M carved out its healthcare business that reaped $8.25 billion in sales during that calendar year.