Integra acquires the Salto Total Ankle Replacement From Tornier
Integra LifeSciences Holdings Corporation (NASDAQ:IART) and Tornier N.V. (NASDAQ:TRNX), today announced a definitive agreement under which Integra will acquire the United States rights to Tornier’s Salto Talaris® and Salto XT™ ankle replacement products and Tornier’s Futura™ silastic toe replacement products, for an undisclosed cash payment. The agreement also includes an option to purchase, in the future, the rights to the Salto Talaris®, Salto XT™, Salto Mobile™, and Futura™ silastic toe replacement products outside the United States.
The transaction is subject to approval by the United States Federal Trade Commission (FTC) and the closure of the pending merger of Tornier and Wright Medical Group, Inc. which, pending FTC clearance is expected to occur in the third quarter of 2015.
“This acquisition broadens our extremity product portfolio by adding commercially available products,” said Mark Augusti, President of Integra’s Orthopedics and Tissue Technologies business. “It allows us to diversify our lower extremity portfolio and accelerates our entry into the U.S. total ankle replacement segment of the foot and ankle market.”
“We are pleased with reaching this point in the divestiture process as well as with the quality of the buyer for these assets and to have completed this important step toward our pending merger with Wright,” said David Mowry, President and Chief Executive Officer of Tornier. “I want to thank Tornier employees involved in this transaction for their diligence and hard work,” Mowry said.
Financial Impact to Integra
Revenues in the United States from the acquired products were approximately $15.5 million in 2014. During 2015, Integra expects the contribution to adjusted earnings per share to be immaterial given the expected timing of closing of the transaction, normal sales transition, and expected costs associated with the integration. Integra will provide further information on the expected revenues from the transaction on their third quarter earnings call.
Integra LifeSciences, a world leader in medical technology, is dedicated to limiting uncertainty for caregivers, so they can concentrate on providing the best patient care. Integra offers innovative solutions, including leading regenerative technologies, in specialty surgical solutions, orthopedics and tissue technologies. For more information, please visit www.integralife.com
Tornier is a global medical device company focused on providing solutions to surgeons who treat musculoskeletal injuries and disorders of the shoulder, elbow, wrist, hand, ankle and foot. Tornier’s broad offering of over 95 product lines includes joint replacement, trauma, sports medicine, and biologic products to treat the extremities, as well as joint replacement products for the hip and knee in certain international markets. Since its founding approximately 70 years ago, Tornier’s “Specialists Serving Specialists” philosophy has fostered a tradition of innovation, intense focus on surgeon education, and commitment to advancement of orthopaedic technology stemming from its close collaboration with orthopaedic surgeons and thought leaders throughout the world. For more information regarding Tornier, visit www.tornier.com.
Tornier®, Salto Talaris®, Salto XT™, Salto Mobile™ and Futura™ are trademarks of Tornier N.V or its subsidiaries, registered as indicated in the United States, and in other countries. All other trademarks and trade names referred to in this release are the property of their respective owners.
– See more at: http://globenewswire.com/news-release/2015/09/03/765831/10148146/en/Integra-LifeSciences-to-Acquire-Total-Ankle-Replacement-Salto-Talaris-R-and-Silastic-Toe-Replacement-Futura-TM-Product-Portfolios-From-Tornier-N-V.html#sthash.4v4afVwj.dpuf