US-based medical device company Brookhaven Medical has entered into an agreement to acquire Wound Management Technologies, a developer of wound care products.
The Brookhaven Medical and Wound Management Technologies board of directors have approved the letter of intent (LOI) that outlines the primary terms of the merger.
Both companies are working on signing a formal merger agreement underlying the transaction that is anticipated to close in the first half of 2014.
Wound Management Technologies chairman and CEO Robert Lutz, Jr., noted the company is to execute this LOI and move forward with Brookhaven Medical toward a definitive merger agreement.
"By merging with Brookhaven, Wound Management will be better able to implement our strategic plan and should also be welcome news to our shareholders in maximizing their return on investment as we become part of Brookhaven.
"By working with Brookhaven, we have the best opportunity for our CellerateRX® wound care and surgical products to achieve substantial growth and to expeditiously take our emerging resorbable bone wax technology to market," Lutz added.
Recently, Brookhaven Medical has also entered into an agreement to acquire a medical device company involved in dialysis access and peripheral vascular applications.
The company also completed a strategic investment in CreatiVasc Medical.