dilluns, 29 de juny del 2015

Integra LifeSciences picks up TEI Biosciences, TEI Medical for $312m

Integra Lifesciences, TEI BiosciencesIntegra LifeSciences (NSDQ:IART) said yesterday that it agreed to acquire TEI Biosciences and sister company TEI Medical for $312 million in cash in a bid to expand its footprint in reconstructive surgery and regenerative wound care.

The deal, expected to close during the 3rd quarter, brings TEI’s PriMatrix dermal repair scaffold and a 125-member sales force under the Integra umbrella, that Plainsboro, N.J.-based company said. TEI is based in Waltham, Mass.

“This acquisition broadens our presence in regenerative wound care and tissue repair and represents a significant push forward toward our growth objectives for 2015 and beyond. The addition of TEI is an important, strategic next step for both our channel and international expansion priorities. We are enthusiastic about both TEI’s product development and commercial expertise, which accelerates our ability to establish an immediate presence in the diabetic foot ulcer space,” Integra president & CEO Peter Arduini said in prepared remarks.

“It is an exciting time for TEI, and I am confident in Integra’s ability to grow our leading platform technology to drive broader expansion into regenerative medicine including wound care, plastic and reconstructive surgery and other soft tissue repair and reconstruction applications,” added TEI chairman, president & CEO Yiannis Monovoukas.

TEI put up sales of roughly $63.5 million last year, Integra said, noting that it expects TEI’s sales growth to hit the high single digits in the 1st year after the deal closes.

. Gross margin was about 80%, which is comparable to Integra’s regenerative technology product portfolio, and EBITDA margin was about 25%.

“This transaction advances our strategy in wound care, meets our financial criteria, and generates high returns on our capital,” CEO Glenn Coleman said in a statement. “Upon closing, we expect this deal to be immediately accretive to our adjusted EBITDA and operating margins, and slightly accretive to our adjusted earnings per share, including the effects of any financing transactions that may close subsequent to the closing of the TEI acquisition.”

The post Integra LifeSciences picks up TEI Biosciences, TEI Medical for $312m appeared first on MassDevice.



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