Through this transaction, an affiliate of Smith & Nephew plc will acquire ownership of all product and intellectual property assets related to BST-CarGel, a company statement said here.
The company, however, did not disclose the value of transaction.
BST-CarGel is a first-line cartilage repair product used along with microfracture and other bone marrow stimulation techniques for the initial treatment of most sizes of focal cartilage tears.
The transaction does not have a material impact on the financials of PEL, the release said.