Minnesota’s Synovis Life Technologies Inc. is being acquired by Baxter International Inc. in a $325 million deal, the companies announced today.
Synovis’ board unanimously approved the buy at $28 per share. Pending shareholder approval, the deal is expected to close in the first quarter of 2012.
The maker of biological and mechanical products for surgeries generated $68.6 million in annual sales in 2010. It includes three businesses: Synovis Surgical Innovations, which provides surgical tools and implantable biomaterials; Synovis Micro Companies Alliance, a provider of products for microsurgeries; and Synovis Orthopedic and Woundcare.
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“We are enthusiastic about this transaction not only because it is beneficial to our shareholders and employees, but also because the combination of Baxter’s and Synovis’ product portfolios will greatly expand the combined entity’s presence in the exciting and expanding soft tissue repair market, benefiting patients worldwide,” said Richard Kramp, president and chief executive officer of Synovis.
Baxter International said in a statement that adding Synovis’ products to its portfolio will help it expand in the regenerative medicine and biosurgery fields. The Deerfield, Illinois-based device company makes products for people with hemophilia, immune disorders, infectious diseases and other acute medical conditions.
MarketWatch reports that shares of Synovis jumped more than 50 percent today after the announcement.
