AK Medical Holdings, a Beijing orthopedic implant maker, has paid $24 million to acquire JRI Orthopedics, UK. Upon completion, JRI Orthopaedics will become a wholly-owned subsidiary of the Hong Kong Stock Exchange-listed AK Medical.

Founded in 1970 by orthopaedic surgeon Ronald Furlong, JRI Orthopaedics was the first company to produce a hip implant with a hydroxyapatite coating enabling a biological bond with the patient’s bone. Apart from hip implants, it also develops and distributes total shoulder replacement implants and a range of orthobiologics.

Prior to the acquisition, JRI Orthopaedics had already entered into an exclusive distribution deal with AK Medical’s cemented, unscented and revision hip product portfolio in China.

According to AK Medical, the acquisition is in line with its long-term growth plan and will help expand the company’s product portfolio to create a dual-brand strategy, enhance its R&D capabilities and access to the international market.