Baxter Completes Acquisition of Synovis
February 14 2012 - 3:30PM
Business Wire
Baxter International Inc. (NYSE:BAX) announced today that the
company has completed its planned acquisition of Synovis Life
Technologies, Inc. (NASDAQ: SYNO), following approval of the
transaction by Synovis shareholders. The acquisition expands
Baxter’s regenerative medicine and BioSurgery franchise by adding
biological and mechanical products from Synovis used for soft
tissue repair and microsurgery in a variety of surgical
procedures.
“The acquisition enhances Baxter’s ability to offer a broad
range of tools used to repair and reconstruct soft tissue damaged
by disease or injury, as well as specific tools used in a variety
of microsurgical procedures,” said Ludwig Hantson, president of
Baxter’s BioScience business. “We look forward to welcoming the
Synovis employees and organization into Baxter as we begin the
business integration process.”
Baxter’s technological leadership in the development of
biosurgical and regenerative medicine products is grounded in
advancing innovation, enhancing surgical techniques and improving
patient outcomes. Baxter advanced the field of tissue sealing and
hemostasis more than 30 years ago with the development of TISSEEL
Fibrin Sealant (sold under the name TISSUCOL in several countries
around the world). Today, Baxter is adding the Synovis soft tissue
repair and microsurgery products to the company’s existing line of
biological products and delivery devices used for hemostasis,
tissue sealing, adhesion reduction, and hard tissue
regeneration.
Synovis shareholders approved the offer of $28 per share, which
equates to $325 million of equity value or approximately $260
million after adjusting for the net cash. Synovis reported annual
sales of $82.4 million for the fiscal year ending October 31,
2011.
Synovis develops, manufactures and markets medical devices used
primarily in surgical procedures for soft tissue repair, including
PERI-STRIPS DRY, TISSUE-GUARD and VERITAS Collagen Matrix. These
products are used in a variety of surgical procedures, including
obesity surgery; patching the lining of the brain, vessels, and
cardiac defects; hernia repair; and vascular surgery. The Synovis
portfolio also includes products used in microsurgery, such as the
COUPLER, FLOW COUPLER and GEM MICROCLIP. These products are used
for joining small diameter vessels during autologous tissue breast
reconstruction; sealing small blood vessels; and head, neck and
hand procedures. Its newest business area is orthopedic and wound
management products, with applications ranging from the repair of
rotator cuff and other tendon injuries to advanced wound
management. These products are primarily used by reconstructive,
orthopedic, sports medicine, podiatric, and vascular surgeons.
About Baxter
Baxter International Inc., through its subsidiaries, develops,
manufactures and markets products that save and sustain the lives
of people with hemophilia, immune disorders, infectious diseases,
kidney disease, trauma, and other chronic and acute medical
conditions. As a global, diversified healthcare company, Baxter
applies a unique combination of expertise in medical devices,
pharmaceuticals and biotechnology to create products that advance
patient care worldwide.
Full prescribing information for TISSEEL can be found at:
http://www.baxter.com/downloads/healthcare_professionals/products/Tisseel_PI.pdf
This release includes forward-looking statements concerning the
company’s acquisition of Synovis Life Technologies, Inc. The
statements are based on assumptions about many important factors,
including the following, which could cause actual results to differ
materially from those in the forward-looking statements: the
company’s ability to successfully integrate Synovis into its
existing operations; demand for and market acceptance of new and
existing products; actions of regulatory bodies and other
governmental authorities including changes to applicable laws and
regulations; product quality or patient safety concerns; the impact
of U.S. healthcare reform and global austerity measures; and other
risks identified in the company’s most recent filing on Form 10-K
and other SEC filings, all of which are available on the company’s
website. The company does not undertake to update its
forward-looking statements.
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