Medical technology firm Integra LifeSciences has made a binding offer to acquire Johnson & Johnson's (J&J) Codman Neurosurgery business for about $1.05bn.
Codman neurosurgery business manufactures a range of devices that can be used in applications, including advanced hydrocephalus, neuro-critical care and operative neurosurgery.
Part of J&J’s Depuy Synthes Companies, Codman also produces aneurysm coils, vascular reconstruction devices and other technologies used in the endovascular treatment of cerebral aneurysms and stroke.
Codman's existing portfolio and new product pipeline is said to compliment Integra’s products and pipeline in tissue ablation, dural repair and cranial stabilization.
Subject to customary closing conditions, Integra has secured committed financing from BofA Merrill Lynch and JPMorgan in connection with the planned deal.
The proposed transaction is also subject to customary closing conditions, including regulatory approvals.
The deal is expected to complete in two steps, including first in around 24 principal countries during the fourth quarter of this year and remaining countries on a rolling basis in the second step.
Integra’s president and CEO Peter Arduini said: "This proposed transformational acquisition of Codman Neurosurgery creates compelling value for our shareholders, employees and patients.
"Its innovative portfolio and global reach will enable us to enhance our position in the neurosurgery market, while also building a global infrastructure that will benefit Integra as a whole. We look forward to welcoming the more than 600 Codman Neurosurgery employees to the Integra team."
Image: Johnson & Johnson headquarters in New Brunswick, New Jersey. Photo: courtesy of Nikppoley.