Integra LifeSciences Completes Acquisition of TEI Biosciences and TEI Medical
Integra LifeSciences Holdings Corporation (NASDAQ:IART), on July 20, 2015, announced that it has completed the acquisition of all of the outstanding shares of TEI Biosciences Inc. and TEI Medical Inc. (“TEI”).
“We are enthusiastic about the strategic fit of these two organizations, and the positive impact TEI has on both top and bottom-line metrics,” stated Peter Arduini, Integra’s President and Chief Executive Officer. “With this acquisition, we have a significant opportunity to build our platform and fuel a robust pipeline of regenerative products to accelerate Integra’s overall growth.”
“The combined organization will offer surgeons a leading regenerative technology platform for indications in soft tissue reconstruction and wound repair,” said Mark Augusti, Integra’s CVP and President, Orthopedics and Tissue Technologies. “In addition to TEI’s complementary call points in the wound care clinic and operating room, TEI’s products provide surgeons with different strength and handling characteristics.”
Glenn Coleman, Integra’s CVP and Chief Financial Officer added, “Strategically, the acquisition of TEI advances our plans to be a leader in regenerative technology, accelerates our entry into the diabetic foot ulcer market, expands our call point in wound care and tissue repair, and is accretive to our financial objectives.”
Integra announced this acquisition on June 28, 2015. Integra will provide further details regarding the financial impact of this acquisition on its second quarter 2015 financial results conference call, scheduled for July 30, 2015.