Covidien (COV) announced it will sell its Confluent Surgical line to Integra LifeSciences (IART) probably effective by March 31, 2014, pending regulatory approval. The product line brought in $65 million for the medical devices company in 2012. Integra will pay $235 million for the line, which includes DuraSeal, the first FDA-approved product that provides watertight dural closure for craniotomies, plus DuraSeal Exact/Xact, VascuSeal and SprayShield. If Confluent Surgical products meet certain performance measures, Covidien could stand to gain an additional $30 million.
“This transaction allows Covidien to better focus on its global strategic priorities,” Bryan Hanson, group president of Medical Devices & U.S. for Covidien, said in a release.
According to a company statement from Integra:
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Preliminarily, Integra would expect the acquisition to add $57 million to $60 million in revenue in the first full year of the combination, and to then grow 3% to 5% longer term.
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