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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.