Integra Lifesciences closes TEI acquisition

Integra LifeSciences (NSDQ:IART) said today it closed its acquisition of all outstanding shares of TEI Biosciences and TEI Medical.

The purchase allows Integra to broaden its portfolio of reconstructive and regenerative wound care products, the Plainsboro, N.J.-based company said.

“We are enthusiastic about the strategic fit of these 2 organizations, and the positive impact TEI has on both top and bottom-line metrics. With this acquisition, we have a significant opportunity to build our platform and fuel a robust pipeline of regenerative products to accelerate Integra’s overall growth,” Integra CEO Peter Arduini said in a press release.

TEI Biosciences and its spun-off TEI Medicine focused on regenerative medicine and novel biologic devices, including the broad spectrum soft tissue repairing SurgiMend, the company said.

“The combined organization will offer surgeons a leading regenerative technology platform for indications in soft tissue reconstruction and wound repair. In addition to TEI’s complementary call points in the wound care clinic and operating room, TEI’s products provide surgeons with different strength and handling characteristics,” Integra cvp and prez of orthopedics and tissue technologies Mark Augusti said in prepared remarks.

Integra LifeSciences also acquired an expanded sales team, gaining 125 sales reps and managers in the U.S., the company said.

Last week, Integra priced a 3.3 million-share follow-on stock offering at $61 per share, for expected gross proceeds of $201.3 million. The offering includes a 30-day over-allotment option to purchase an additional 495,000 shares worth $30.2 million, Integra said.

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