BAXTER INTERNATIONAL INC acquired Synovis Life Technologies, Inc. for $28.00 per share, approximately $325 million equity value (approximately $260 million net of cash), a transaction announced in December 2011, structured as all cash.
Synovis Life Technologies, Inc. operates in BioSurgery / soft-tissue repair, is based in St. Paul, Minnesota, USA, had revenue of about Approximately $70 million in annual sales (2010). 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, providing biological and mechanical products for soft tissue repair.
The acquisition complements and will expand the portfolio of Baxter's regenerative medicine and biosurgery franchise, which includes a number of devices and biological products for hemostasis, tissue sealing and adherence.
Highly complementary soft-tissue repair portfolio that expanded Baxter's presence in the growing soft-tissue repair market. Integrated into Baxter's BioSurgery franchise
The medical device business that Synovis has built, and its technical capabilities to develop and manufacture surgical products, is highly complementary to Baxter's existing offering of BioSurgery products. The combined business will offer surgeons in the United States and around the world a more complete line of innovative tools used to treat patients.Ludwig Hantson, President, Baxter's BioScience business
We are enthusiastic about this transaction not only because it is beneficial to our shareholders and employees, but also because the combination of Baxter's and Synovis' product portfolios will greatly expand the combined entity's presence in the exciting and expanding soft tissue repair market, benefiting patients worldwide.Richard Kramp, President and CEO, Synovis
Advisory firms were not disclosed for this transaction.