Integra completes Surgical Innovation Associates acquisition - Mass Device

Integra LifeSciences (Nasdaq:IART) announced contiguous that it completed its acquisition of Surgical Innovation Associates (SIA).

Princeton, New Jersey-based Integra announced that it agreed to get SIA past week.

SIA develops, markets and sells the DuraSorb resorbable synthetic matrix for integrative and reconstruction surgery. Integra believes the acquisition advances its planetary strategy successful bosom reconstruction. The woody expands plans to entree the U.S. marketplace with FDA-approved devices for implant-based bosom reconstruction (IBBR) procedures.

Integra expects the woody to adjacent by the extremity of the year. It plans to acquisition SIA for $50 cardinal astatine closing. In addition, Integra could walk up to $90 cardinal much upon the accomplishment of definite gross and regulatory milestones.

“This acquisition is simply a highly strategical determination to alteration america to execute our aspirations to go a planetary person and innovator of IBBR procedures,” said Robert T. Davis, Jr., EVP and president, insubstantial technologies, Integra Life Sciences. “We are looking guardant to moving with SIA colleagues to proceed pursuing our ngo to amended diligent outcomes.”

DuraSorb strengthens the integrative and reconstructive country portfolio astatine Integra, the institution said past week. That portfolio includes the SurgiMend PRS xenograft surgical matrix.

Integra said it is the archetypal and lone shaper to taxable for premarket support for a surgical matrix for usage arsenic brushed insubstantial enactment successful IBBR. The PMA exertion for SurgiMend remains nether reappraisal with the FDA. In addition, SIA is presently conducting an FDA investigational instrumentality exemption (IDE) survey to measure DuraSorb with an oculus connected obtaining a PMA successful IBBR.

Share repurchase program

Integra plans for a $150 cardinal stock repurchase arsenic portion of erstwhile committee support for the acquisition. In addition, the institution whitethorn repurchase shares astatine its discretion arsenic portion of the program. The fig of shares and the timing of specified transactions depends connected assorted factors.

The institution whitethorn suspend oregon discontinue the programme astatine immoderate time. It expects stock repurchases to statesman successful aboriginal 2023. Integra said it mightiness utilize “various methods” to marque the repurchases.

Integra expects the payment of stock repurchases to adjusted EPS to mostly offset the dilution of the SIA acquisition.