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Stocks I / Integra LifeSciences Corp.
|Subject: Acqusition||Date: 7/1/2006 11:34 AM|
|Author: newsreporter||Number: 91 of 93|
Integra LifeSciences Announces Agreement to Acquire Kinetikos Medical, Inc.
Integra LifeSciences Holdings Corporation (NasdaqNM:IART - News) announced today that it has agreed to acquire the shares of Kinetikos Medical, Inc. (``KMI') for approximately $40 million in cash, subject to certain adjustments, including future payments based on the performance of the KMI business after the acquisition.
KMI, based in Carlsbad, California, is a leading developer and manufacturer of innovative orthopedic implants and surgical devices for small bone and joint procedures involving the foot, ankle, hand, wrist and elbow. KMI generated revenues of $11.4 million for the twelve months ended March 31, 2006.
``We are excited to add KMI's people and products to the Integra reconstructive surgery team,' said Stuart M. Essig, Integra's President and Chief Executive Officer. ``KMI will be an ideal strategic fit with our growing extremity business and will strengthen our presence in the orthopedic hand market. This acquisition will allow us to leverage our current and future regenerative products for dermal, tendon and nerve repair targeted for hand surgery. We expect to benefit from the synergy between KMI's upper extremity orthopedic implant products and these regenerative products, including the INTEGRA(R) Dermal Regeneration Template, the INTEGRA(R) Bilayer and single-layer Matrix Wound Dressings, NeuraGen(TM) and NeuraWrap(TM). In addition, KMI's product range in the foot and ankle market holds strong brand identity and will complement our rapidly growing Newdeal business.'
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