Symmetry Medical, a Warsaw, Ind.-based medical device company, has acquired the surgical implants business of Codman & Shurtleff, a Johnson & Johnson company, according to a Symmetry news release.
The acquisition is expected to create a new business segment for Symmetry Medical with more than $100 million in combined annual sales in the worldwide market for general surgical implants. Under the agreement, Symmetry will acquire Codman & Shurtleff's product portfolio for $165 million in cash. Codman will provide translational services to Symmetry for a period of time following the transaction's closing.
Symmetry intends to finance the acquisition through an amendment to its Senior Secured Credit Facility and the issuance of $65 million of senior subordinated notes. The transaction is expected to close by the end of 2011.
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Symmetry intends to finance the acquisition through an amendment to its Senior Secured Credit Facility and the issuance of $65 million of senior subordinated notes. The transaction is expected to close by the end of 2011.
Related Articles on Orthopedic Device Companies:
Small Bone Innovations Secures $43M Credit Facility
Exactech Launches Gibralt Spinal System
X-Spine Receives FDA Clearance for Interspinous Fusion