Medical devices manufacturer Integra LifeSciences Holdings has signed a definitive agreement to acquire US based biomedical companies TEI Biosciences and TEI Medical for a cash consideration of $312m.
Expected to be completed by third quarter this year, the deal is subject to customary closing conditions.
Integra LifeSciences expects the acquisition to expand its offerings for reconstructive surgery and regenerative wound care products.
Integra president and chief executive officer Peter Arduini said: "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."
TEI chairman, president and CEO Dr Yiannis Monovoukas said: "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."
The acquisition, which is likely to offer high capital returns, will push market demands for Integra products and drive the firm’s growth especially in the OR, burn centers, and wound care clinics.
Image: Integra expects the deal to push its product offerings for reconstructive surgery and regenerative wound care. Photo: courtesyof adamr / FreeDigitalPhotos.net