Baxter Signs Definitive Agreement to Acquire Synovis
Baxter International Inc. (NYSE:BAX - News) and Synovis Life Technologies, Inc. (NASDAQ:SYNO - News) today announced a definitive agreement for Baxter to acquire Synovis, a leading provider of biological and mechanical products for soft tissue repair used in a variety of surgical procedures. 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.
The Synovis board of directors has unanimously approved the transaction and is recommending that its shareholders approve the agreement at an offer price of $28 per share, which equates to $325 million of equity value or approximately $260 million after adjusting for the net cash.
- Published: 13 December 2011
- Written by Editor