Medtronic set to acquire Osteotech |
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By Staff and Wire Reports |
Tuesday, 17 August 2010 08:04 |
![]() The acquisition of Osteotech will complement the Medtronic Biologics business' bone healing portfolio and expand its current presence in spine, orthopedic trauma, and dental into several additional new treatment areas including joint reconstruction, foot and ankle, and sports medicine. In addition, the combined technical and product capabilities will create opportunities to develop breakthrough next-generation products. "This acquisition represents a key step in Medtronic's strategy to build a broader business in regenerative biologics," said Chris O'Connell, Medtronic executive vice president and Restorative Therapies Group president. "Osteotech's products and capabilities will better position Medtronic in today's competitive musculoskeletal biologics market, and also position the company more broadly for the opportunity we see in the future." Tom McGuinness, general manager of Medtronic's Biologics business said, "We see substantial opportunities during the next five to 10 years to help more patients with biologics and regenerative therapies. The combination of our two organizations will only accelerate our innovation and progress against our goals in helping to alleviate pain, restore health, and extend life for our patients." "Our mission is to develop leading-edge regenerative biologics that will positively impact the lives of patients, enhance physicians' capabilities to deliver superior surgical outcomes and enhance the gift of life to promote healing," said Sam Owusu-Akyaw, president and chief executive officer of Osteotech. "Through the efforts of all our stakeholders, we have created a pipeline of biologics platforms unprecedented in the emerging biologics industry. We believe Medtronic's global scale and scope across geographies and functions and its commitment to innovation make them an ideal partner to carry forward our mission." "With a unanimous vote, the board of directors of Osteotech approved this transaction because the board believes it offers significant value to our stockholders," said Kenneth P. Fallon, III, chairman of the board of directors of Osteotech. "We believe this is the best path forward for the Osteotech organization and products, and we look forward to finalizing this transaction smoothly and quickly." The transaction is subject to customary closing conditions, including approval by Osteotech's stockholders and U.S. and foreign regulatory clearances. "Featured Content" profiles are meant to provide awareness of these companies to investors in the small-cap and growth equity community and should not in any way come across as a recommendation to buy, sell or hold these securities. BiomedReports is not paid or compensated by newswires to disseminate or report news and developments about publicly traded companies, but may from time to time receive compensation for advertising, data, analytics and investor relation services from various entities and firms. Full disclosures should be read in the 'About Us Section'. Add this page to your favorite Social Bookmarking websites ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() |