dismiss

Pre-Bid now on over 2,500 items! We go LIVE on June 6th, 10AM EDT!

DOTmed Home MRI Oncology Ultrasound Molecular Imaging X-Ray Cardiology Health IT Business Affairs
News Home Parts & Service Operating Room CT Women's Health Proton Therapy Endoscopy HTMs Mobile Imaging
SEARCH
Current Location:
>
>
> This Story

Forward Printable StoryPrint Comment

 

Operating Room Homepage

New brain mapping tool produces higher resolution data during brain surgery

NYU Lutheran experts use robotic surgery to successfully treat kidney cancer

PRECISION Registry data on robotic-assisted PCI presented during late breaking clinical trial session at SCAI 2017

Mazor Robotics congratulates surgeon for reaching 200 patient procedures with the Mazor X Surgical Assurance platform

Medrobotics gets FDA clearance for Flex Robotic System for Scarfree colorectal procedures

Corindus to feature its CorPath GRX System at the Society for Cardiovascular Angiography and Interventions symposium

Surgeons perform world's first-ever dual robotic surgery at Jerusalem's Hadassah Hospital

Corindus announces live broadcast of robotic-assisted PCI using CorPath GRX to TCT Asia-Pacific summit in South Korea

Monteris Medical announces new data evaluating NeuroBlate for brain lesions at AANS

Intuitive Surgical gets CE Mark for new da Vinci X Surgical System

Integra LifeSciences plans to acquire the Codman Neurosurgery business from Johnson & Johnson for $1.045 billion in cash

Press releases may be edited for formatting or style
PLAINSBORO, N.J., Feb. 15, 2017 (GLOBE NEWSWIRE) -- Integra LifeSciences Holdings Corporation (Nasdaq:IART), a global leader in medical technology, today announced that it has made a binding offer to acquire the Johnson & Johnson Codman Neurosurgery business for a price of $1.045 billion in cash. Codman Neurosurgery offers a portfolio of devices focused on advanced hydrocephalus, neuro-critical care and operative neurosurgery. If the binding offer is accepted, upon closing, Integra will be a leading global provider of neurosurgical products.

"This proposed transformational acquisition of Codman Neurosurgery creates compelling value for our shareholders, employees and patients," said Peter Arduini, Integra's president and chief executive officer. "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."

Story Continues Below Advertisement

New OEC 9800 LCD upgrade available! Call today: 800-400-7972

Easy install retrofit kit! Extend the life of your OEC system by upgrading the CRTs to dual 2MP LED displays mounted on an articulating arm. Priced competitively & optimized for do-it-yourself installation in under an hour.



Codman Neurosurgery's existing portfolio and new product pipeline in advanced hydrocephalus, neuro-critical care and electrosurgery complement Integra's leading products and pipeline in tissue ablation, dural repair and cranial stabilization. Together, this comprehensive portfolio will offer customers around the world complete solutions for neurosurgery and the scale to invest and bring new technologies to patients worldwide. The acquired products generated approximately $370 million in revenue during 2016 with an EBITDA* margin of about 31% (unaudited).

Codman Neurosurgery is a part of Depuy Synthes Companies of Johnson & Johnson.

Expected Financial Impact of the Transaction

Integra expects the transaction to be accretive to adjusted* EPS by at least $0.22 in the first full year after closing and increasing thereafter, and to GAAP EPS by the end of the third year. This acquisition is expected to also accelerate the path to achieving Integra's aspirational targets of $2 billion in revenue and 30% adjusted* EBITDA margin. Integra expects the Codman Neurosurgery revenue to experience some initial disruption in the first year of the combination, and to then grow 3% to 6% longer term. Integra expects to provide detailed guidance regarding the financial impacts of this transaction upon closing.

Integra has obtained committed financing, subject to customary closing conditions, from BofA Merrill Lynch and JPMorgan in connection with the planned acquisition. The company plans to finance the acquisition at the closing through a combination of cash on hand, availability under its revolving credit facility and a new senior secured term loan facility. Following consummation of the transaction, Integra will focus on near-term cash flow generation to reduce portions of outstanding debt. Over the long term, Integra intends to maintain its debt to adjusted EBITDA (as calculated in accordance with the terms set forth in Integra's existing Credit Agreement) at or below 3.5x.
  Pages: 1 - 2 - 3 >>

Operating Room Homepage


You Must Be Logged In To Post A Comment

Advertise
Increase Your
Brand Awareness
Auctions + Private Sales
Get The
Best Price
Buy Equipment/Parts
Find The
Lowest Price
Daily News
Read The
Latest News
Directory
Browse All
DOTmed Users
Ethics on DOTmed
View Our
Ethics Program
Gold Parts Vendor Program
Receive PH
Requests
Gold Service Dealer Program
Receive RFP/PS
Requests
Healthcare Providers
See all
HCP Tools
Jobs/Training
Find/Fill
A Job
Parts Hunter +EasyPay
Get Parts
Quotes
Recently Certified
View Recently
Certified Users
Recently Rated
View Recently
Certified Users
Rental Central
Rent Equipment
For Less
Sell Equipment/Parts
Get The
Most Money
Service Technicians Forum
Find Help
And Advice
Simple RFP
Get Equipment
Quotes
Virtual Trade Show
Find Service
For Equipment
Access and use of this site is subject to the terms and conditions of our LEGAL NOTICE & PRIVACY NOTICE
Property of and Proprietary to DOTmed.com, Inc. Copyright ©2001-2017 DOTmed.com, Inc.
ALL RIGHTS RESERVED