Devicemaker Medtronic, Minneapolis, has agreed to pay $123 million to acquire Osteotech, an Eatontown, N.J.-based developer of bone-regeneration products.
Medtronic buying bone-products developer
The acquisition, according to a news release, will build the bone-healing portfolio within Medtronic's biologics division. In addition to having bone-graft and biocomposite surgical products currently on the market, Osteotech is seeking Food and Drug Administration approval of a product that uses engineered human collagen biomaterials.
The acquisition offer is subject to approval by Osteotech's shareholders and customary regulatory approvals. The cash deal calls for Medtronic to pay $6.50 per share to acquire Osteotech.
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