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Surgical Innovation Associates (SIA) Announces Definitive Agreement to be Acquired by Integra LifeSciences
Transaction, valued up to $140M, will accelerate market entry for plastic and reconstructive surgical devices CHICAGO--(BUSINESS WIRE)-- Surgical Innovation
About this update from Integra Lifesciences Holdings Corporation
[{"type":"text","content":"\nTransaction, valued up to $140M, will accelerate market entry for plastic and reconstructive surgical devices\n\n CHICAGO--(BUSINESS WIRE)--\nSurgical Innovation Associates (SIA) today announced that it entered into a definitive agreement to be acquired by Integra LifeSciences Holding Corporation (Nasdaq: IART), a leading global medical technology company. SIA manufactures and sells DuraSorb®, an absorbable monofilament mesh for plastic and reconstructive surgery, which launched commercially in 2020, and has had 80-100% annual revenue growth since. This acquisition will facilitate the product’s continued adoption in the United States and broaden its availability around the world. The transaction is expected to close by the end of the year, subject to the satisfaction of customary conditions.\n\nIntegra will purchase SIA for up to $140 million, comprising $50 million at closing, subject to customary purchase price adjustments, and up to $90 million upon the achievement of certain revenue and regulatory milestones.\n\n“Integra LifeSciences warrants great respect among physicians, and shares SIA’s origins in plastic surgery,\" said Alexei Mlodinow, Co-founder and Board Director, \"We are excited to align with them as we continue our journey to make DuraSorb a leading option within the surgeon’s armamentarium for soft tissue reconstruction.\"\n\nThe addition of DuraSorb’s absorbable 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 implant-based breast reconstruction (IBBR) for mastectomy patients. Integra is the only manufacturer so far to submit a premarket approval (PMA) application for this soft tissue support in IBBR. Similarly, SIA is pursuing a goal of obtaining a PMA for that indication, and has achieved over 70% enrollment in its clinical evaluation of DuraSorb in IBBR, under an investigational device exemption.\n\n“We are excited to work with Integra and contribute our resorbable synthetic technology to its strong soft tissue reconstruction capabilities, with a view to providing surgeons with greater access to FDA-approved devices to support breast reconstruction,” said Josh Vose, M.D., Chief Executive Officer, SIA. “Integra’s glob...