According to Integra LifeSciences, the DuraSorb’s resorbable synthetic technology of the latter will further bolster its plastic and reconstructive surgery portfolio
Surgical Innovation Associates develops, markets, and sells DuraSorb resorbable synthetic matrix for plastic and reconstructive surgery. (Credit: philippe spitalier on Unsplash)
Integra LifeSciences, a medical technology firm, has signed a definitive agreement to acquire Illinois-based Surgical Innovation Associates (SIA) in a deal worth up to $140m.
Surgical Innovation Associates develops, markets, and sells the DuraSorb resorbable synthetic matrix used for plastic and reconstructive surgery.
Integra LifeSciences said that the deal will support its global strategy in breast reconstruction. It also expands its plans to access the American market with the US Food and Drug Administration (FDA)-approved devices for implant-based breast reconstruction (IBBR) procedures.
Expected to close by the end of this month, the transaction is subject to the satisfaction of customary conditions.
As per the terms, Integra LifeSciences will pay $50m at closing and will pay up to $90m upon achieving some revenue and regulatory milestones.
Integra LifeSciences executive vice president and tissue technologies president Robert Davis said: “The global breast reconstruction market represents an attractive growth opportunity for our surgical reconstruction business.
“By offering two distinct product solutions, SurgiMend and DuraSorb, to plastic and reconstructive surgeons, we aim to address various clinical, contracting, and economic needs across different sites of care.
“We look forward to welcoming the SIA leadership and colleagues who will continue to drive the team’s success.”
According to Integra LifeSciences, DuraSorb’s resorbable synthetic technology will further bolster its plastic and reconstructive surgery portfolio. The list includes a xenograft surgical matrix called SurgiMend PRS.
The company submitted a pre-market approval (PMA) application for a surgical matrix intended for use as soft tissue support in IBBR. The PMA application is presently under review with the FDA.
Surgical Innovation Associates is currently assessing the safety and efficacy of DuraSorb in the US in an investigational device exemption study as part of its efforts to secure a PMA in IBBR.
Additionally, Integra LifeSciences is planning a $150m share repurchase programme as a part of a previous approval by its board of directors. As part of the programme, the NASDAQ-listed company can repurchase shares at its discretion.