This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Baxter Completes Acquisition Of Synovis

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,745.98 -5.41 -0.03%
S&P 500 2,108.63 +0.06 0.00%
NASDAQ 5,128.7850 +17.0520 0.33%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs