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Integra LifeSciences acquires TEI Biosciences, TEI Medical; expanding to plastic, reconstructive surgery

Integra LifeSciences Holdings Corporation announced that it will acquire all of the outstanding shares of TEI Biosciences, Inc. and TEI Medical, Inc. for $312 million cash at closing, which is expected during the third quarter of 2015.

This acquisition will expand Integra’s reconstructive surgery and regenerative wound care product offerings, according to the press release.

The expanded sales force, which will include an additional 125 sales representatives and managers, will drive growth in the operating room, burn centers and wound care clinics.

New markets will include abdominal wall repair and plastic and reconstructive surgery.

TEI generated revenues of around $63.5 million (unaudited) in 2014, and the gross margin was about 80%, according to the press release.

Integra expects the acquired revenue to increase high single digits in the first full year after closing.

“This transaction advances our strategy in wound care, meets our financial criteria and generates high returns on our capital,” said Glenn Coleman, Integra’s corporate vice president and chief financial officer.

Source: www.integralife.com