Integra LifeSciences Holdings Corporation has completed the acquisition of all of the outstanding shares of TEI Biosciences Inc. and TEI Medical Inc. (“TEI”).
On June 28, 2015, Integra announced it was to acquire all of the outstanding shares of TEI Biosciences, Inc. and TEI Medical, Inc. for $312 million cash at closing. Now the transaction is complete, delivering to Integra a product range that complements and expands its own reconstructive surgery and regenerative wound care offerings. In addition, Integra points to other benefits for its shareholders, including the expansion of its sales force to support market demand and drive growth in the OR, burn centers, and wound care clinics with the addition of about 125 sales reps and managers. Additionally it will offer regenerative technology-based products and a new base of sales in attractive adjacent markets, specifically abdominal wall repair and plastic and reconstructive surgery.
From Integra’s perspective the move, coupled with its recent spin-out of orthobiologics and hardware operation, SeaSpine, signals its intent to focus on regenerative wound care.
“We are enthusiastic about the strategic fit of these two organizations, and the positive impact TEI has on both top and bottom-line metrics,” stated Peter Arduini, Integra’s President and Chief Executive Officer. “With this acquisition, we have a significant opportunity to build our platform and fuel a robust pipeline of regenerative products to accelerate Integra’s overall growth.”
“The combined organization will offer surgeons a leading regenerative technology platform for indications in soft tissue reconstruction and wound repair,” said Mark Augusti, Integra’s CVP and President, Orthopedics and Tissue Technologies. “In addition to TEI’s complementary call points in the wound care clinic and operating room, TEI’s products provide surgeons with different strength and handling characteristics.”
Glenn Coleman, Integra’s CVP and Chief Financial Officer added, “Strategically, the acquisition of TEI advances our plans to be a leader in regenerative technology, accelerates our entry into the diabetic foot ulcer market, expands our call point in wound care and tissue repair, and is accretive to our financial objectives.”