aibioMiMedx and Sanara receive FTC Second Request on proposed merger
Tickers MDXG
The request extends the antitrust waiting period until 30 days after the companies substantially comply. MiMedx says it is working constructively with the FTC.
Key facts
- Company
- MiMedx Group, Inc. (NASDAQ: MDXG)
- News type
- Mergers
- Primary source
- MiMedx Group, Inc. 8-K (2026-10-16)
MiMedx Group, Inc. (Nasdaq: MDXG) said that on October 15, 2026, it and Sanara MedTech Inc. each received a Second Request from the Federal Trade Commission. The request asks for additional information and documents as part of the FTC's review of the proposed merger. Under the Agreement and Plan of Merger, Mustang Merger Sub, Inc., a MiMedx subsidiary, would merge into Sanara, a Texas corporation, and Sanara would survive as a wholly owned subsidiary of MiMedx.
What the Second Request does
A Second Request extends the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 until 30 days after the parties have substantially complied with it. The parties can extend that period voluntarily, and the FTC can end it earlier. The filing says completion still depends on the end of the waiting period and on the other closing conditions in the merger agreement.
The filing describes the request only as a request for additional information and documentary materials. It does not say what the FTC is examining, and it does not give a closing date. MiMedx says it "continues to work constructively with the FTC in its review of the Merger." That is the company's own description of the review, and the filing offers no timetable to test it against.
The companies have filed a registration statement on Form S-4 that includes a proxy statement of Sanara and also serves as a prospectus of MiMedx. The filing says the final prospectus has been mailed to Sanara stockholders.
The business being combined
MiMedx is based in Marietta, Georgia. Its 10-K filed February 25, 2026 says it makes placental allografts from donated tissue at its Marietta facilities, using a proprietary process it calls PURION. The report says chronic wounds affect more than 10 million Medicare beneficiaries in the United States.
Some of its newer products are made by others. HELIOGEN, a particulate collagen matrix product, is manufactured by Regenity Biosciences. The company also entered into exclusive distribution agreements in 2025 and 2026 for several products, including RegenKit-Wound Gel, NovaForm Wound Matrix, G4Derm Plus and Hydrelix Collagen Matrix. The report says CELERA and EMERGE, two placental allograft products, were manufactured by a contracted third party.
Financial position before the review
MiMedx reported revenue of $418.6 million for 2025, up from $348.9 million in 2024. Net income was $48.6 million, against $42.4 million a year earlier. Research and development expense rose to $15.1 million from $12.3 million. Cash provided by operations was $74.0 million in 2025, compared with $66.2 million in 2024.
Those figures come from the 10-K filed in February, before the Second Request. They describe a company that generated cash in 2025, but they do not show how the FTC review will affect the timing or cost of the merger.
What the filing leaves open
The filing refers to the merger agreement as previously announced but does not restate its terms in this document. It gives no timetable for the FTC review and no reason for the request. The next step it names is the end of the waiting period, which runs until 30 days after substantial compliance with the Second Request unless the parties extend it or the FTC ends it sooner.