Business
Integra LifeSciences Announces Definitive Agreement to Acquire Surgical Innovation Associates (SIA) and Plans for $150 Million Share Repurchase
Acquisition will add distinct new product solution for plastic and reconstructive surgery to address clinical needs and improve patient outcomes Deploys
About this update from Integra Lifesciences Holdings Corporation
[{"type":"text","content":"Acquisition will add distinct new product solution for plastic and reconstructive surgery to address clinical needs and improve patient outcomes Deploys capital to support strong profitable growth and greater returns for our shareholders PRINCETON, N.J., Dec. 01, 2022 (GLOBE NEWSWIRE) -- Integra LifeSciences Holding Corporation (NASDAQ:IART), a leading global medical technology company, today announced that it entered into a definitive agreement to acquire Surgical Innovation Associates (SIA), which develops, markets and sells DuraSorb®, a resorbable synthetic matrix for plastic and reconstructive surgery. This acquisition will advance Integra’s global strategy in breast reconstruction, expanding plans to access the U.S. market with devices specifically approved by the FDA for use in implant-based breast reconstruction (IBBR) procedures. The transaction is expected to close by the end of the year, subject to the satisfaction of customary conditions. The addition of DuraSorb’s resorbable synthetic technology will further strengthen Integra’s plastic and reconstructive surgery portfolio, which includes SurgiMend® PRS, a xenograft surgical matrix. Today, there are no surgical matrices approved by the FDA specifically for use in IBBR. With SurgiMend® PRS, Integra is the first and, to date, the only manufacturer to submit a pre-market approval (PMA) application for a surgical matrix for use as soft tissue support in IBBR. Integra’s PMA application for SurgiMend is currently under review with the FDA. Concurrently, SIA is conducting an investigational device exemption study in the U.S. evaluating the safety and effectiveness of DuraSorb with the goal of obtaining a PMA in IBBR. “The global breast reconstruction market represents an attractive growth opportunity for our surgical reconstruction business,” said Robert T. Davis, Jr., executive vice president and president, Tissue Technologies, Integra LifeSciences. “By offering two distinct product solutions, SurgiMend and DuraSorb, to plastic and reconstructive surgeons, we aim to address various clinical, contracting, and economic needs across different sites of care. We look forward to welcoming the SIA leadership and colleagues who will continue to drive the team’s success.” According to Breastcancer.org, one in eight women will develop breast cancer in her lifetime. For women undergo...