Moving to expand its Biologics product offerings, Medtronic, Inc. (NYSE: MDT), announced today it has completed the acquisition of Osteotech, following payment of $6.50 per share in cash for each share of Osteotech stock, with a total transaction value of approximately $123 million.
“the acquisition expands our reach into other musculoskeletal therapies and will accelerate our innovation and progress in building a broader business in regenerative biologics.”
Osteotech is a leader in the growing field of biologic products for regenerative healing, and its acquisition, combined with Medtronic's portfolio, will provide surgeons an expansive range of bone generating therapies and biologic therapies.
"This acquisition is an important step in building a broader business in regenerative biologics," said Tom McGuinness, general manager of Medtronic's Biologics business. "The acquisition complements our bone healing portfolio and will expand our current presence in spine, orthopedic trauma and dental into new treatment areas including joint reconstruction, foot and ankle, sports medicine and neurosurgery."
"While we will continue to make significant investments to expand our core franchise of innovative bone healing technologies," said McGuinness, "the acquisition expands our reach into other musculoskeletal therapies and will accelerate our innovation and progress in building a broader business in regenerative biologics."
Osteotech pioneered several innovative technology platforms including Grafton® demineralized bone matrix, and MagniFuse™ Bone grafts and Plexur® Biocomposites, which are utilized in a broad range of musculoskeletal surgical procedures. It also is seeking U.S. Food & Drug Administration clearance for the first product based upon its Human Collagen Technology platform, an engineered human collagen biomaterial.
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