Integra LifeSciences completes Surgical Innovation Associates acquisition

2022-12-08

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Integra LifeSciences (Nasdaq:IART) announced today that it completed its acquisition of Surgical Innovation Associates (SIA). Princeton, New Jersey-based Integra announced that it agreed to acquire SIA last week. SIA develops, markets and sells the DuraSorb resorbable synthetic matrix for plastic and reconstruction surgery. Integra believes the acquisition advances its global strategy in breast reconstruction. The deal expands plans to access the U.S. market with FDA-approved devices for implant-based breast reconstruction (IBBR) procedures. Integra expects the deal to close by the end of the year. It plans to purchase SIA for $50 million at closing. In addition, Integra could spend up to $90 million more upon the achievement of certain revenue and regulatory milestones. “This acquisition is a highly strategic move to enable us to achieve our aspirations to become a global leader and innovator of IBBR procedures,” said Robert T. Davis, Jr., EVP and president, tissue technologies, Integra Life Sciences. “We are looking forward to working with SIA colleagues to continue pursuing our mission to improve patient outcomes.” DuraSorb strengthens the plastic and reconstructive surgery portfolio at Integra, the company said last week. That portfolio includes the SurgiMend PRS xenograft surgical matrix. Integra said it is the first and only manufacturer to submit for premarket approval for a surgical matrix for use as soft tissue support in IBBR. The PMA application for SurgiMend remains under review with the FDA. In addition, SIA is currently conducting an FDA investigational device exemption (IDE) study to evaluate DuraSorb with an eye on obtaining a PMA in IBBR. Share repurchase program Integra plans for a $150 million share repurchase as part of previous board approval for the acquisition. In addition, the company may repurchase shares at its discretion as part of the program. The number of shares and the timing of such transactions depends on various factors. The company may suspend or discontinue the program at any time. It expects share repurchases to begin in early 2023. Integra said it might utilize “various methods” to make the repurchases. Integra expects the benefit of share repurchases to adjusted EPS to largely offset the dilution of the SIA acquisition.

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