KUALA LUMPUR (July 2): Genting Bhd’s biotechnology arm Celularity Inc and Arthrex Inc, a global leader in minimally invasive orthopaedic technology, today announced that the companies had entered into an exclusive partnership to distribute and commercialise Celularity’s biomaterial products for orthopaedic surgery and sports medicine.

Celularity said in a statement that under the terms of the agreement, Celularity will provide Arthrex with exclusive commercial distribution rights for orthopaedic surgery and sports medicine, and will continue to be responsible for product manufacturing and supply.

“We are tremendously excited to have Arthrex, a global leader in minimally invasive orthopaedics, as a commercial partner to distribute our placentally-derived biomaterial products,” said Robert J Hariri, the founder, chairperson and chief executive officer (CEO) of Celularity.

“Each of our regenerative products leverages the unique properties of the placenta to augment the body’s innate ability to heal across a variety of clinical conditions. We look forward to working closely with Arthrex to increase the availability of these innovative products in orthopaedic surgery and sports medicine, and to improve the lives of patients,” he said.

Meanwhile, Arthrex senior director of orthobiologics David Shepard said Arthrex is proud to support Celularity’s innovative technology that leverages the unique biology of the placenta.

“Partnering with Celularity positions us to explore new opportunities in the orthobiologics space, while continuing our mission of helping surgeons better treat their patients,” he said.

Stephen A Brigido, the president of Celularity’s degenerative diseases division, said Arthrex is highly innovative, progressive and committed to new product development.

“Our shared commitment to medical and surgical education creates important cultural synergies between the two companies. The Arthrex partnership will broaden the platform for using Celularity’s regenerative products in the setting of orthopaedic surgery, the market for which by one estimate is US$1.5 billion (about RM6.25 billion) in the US alone,” he said.

At 10.28am today, Genting's share price was three sen or 0.6% lower at RM4.95, giving it a market capitalisaton of RM19.17 billion.