Integra LifeSciences Announces Definitive Agreement to Sell Certain Neurosurgery Assets to Natus Medical Incorporated
Natus Medical to acquire global Camino® ICP monitoring product line, U.S. rights to Integra's fixed pressure shunts, and U.S. rights to Codman's DURAFORM®, EVD catheters and CSF collection systems
Integra is providing a preliminary estimate for a fourth quarter 2017 revenue contribution of approximately $60 million to $65 million from the Codman Neurosurgery acquisition net of divestitures, assuming an October 2017 close
PLAINSBORO, N.J., Sept. 11, 2017 (GLOBE NEWSWIRE) -- Integra LifeSciences Holdings Corporation (Nasdaq:IART), a global leader in medical technology, today announced that it has signed a definitive agreement to sell certain neurosurgery assets to Natus Medical for $47.5 million. The divestiture is contingent on the consummation of Integra's proposed acquisition of Codman Neurosurgery from Johnson & Johnson.
As part of this divestiture, Integra will sell the global Camino® ICP monitoring product line, including its San Diego manufacturing facility, to Natus Medical. The divestiture package also includes certain assets and the U.S. rights relating to Integra's fixed pressure shunts, as well as U.S. rights to Codman's DURAFORM®, standard EVD catheters and CSF collection systems.
"This agreement is an important step toward the completion of Integra's acquisition of Codman Neurosurgery," said Peter Arduini, president and chief executive officer, Integra LifeSciences. "We remain committed to ensuring a smooth and orderly transition for our customers and employees."
Integra is divesting these assets in connection with the review by the Federal Trade Commission of Integra's proposed acquisition of Johnson & Johnson's Codman Neurosurgery assets. Both the divestiture and the pending acquisition of Codman Neurosurgery remain subject to final regulatory approvals and satisfaction of other customary closing conditions. Both transactions are expected to close in October 2017 after securing regulatory clearance.
Expected Financial Impact of the Divestiture
The neurosurgery product lines associated with these divestitures generated approximately $50 million of revenue in 2016.
Integra is providing a preliminary estimate for a fourth quarter 2017 revenue contribution of approximately $60 million to $65 million from the planned acquisition of Codman Neurosurgery, net of the divestitures announced today, assuming a closing in October 2017. This estimate reflects some initial disruption resulting from the acquisition as well as the phasing of revenue resulting from the planned transition in certain countries outside the U.S. For the full year 2018, Integra expects Codman Neurosurgery to contribute between $290 million and $300 million in revenue, net of the divestitures announced today.
Integra continues to expect Codman Neurosurgery's accretive contribution to adjusted earnings per share to be at least $0.22 in 2018. For the full year 2017, Integra expects minimal contribution from Codman Neurosurgery to adjusted earnings per share, as expenses that have been and are being incurred to prepare for post-closing readiness offset most of the fourth quarter accretion.
Integra LifeSciences Holdings Corporation, a world leader in medical technology, is dedicated to limiting uncertainty for clinicians, so they can concentrate on providing the best patient care. Integra offers innovative solutions, including leading plastic and regenerative technologies, in specialty surgical solutions, orthopedics and tissue technologies. For more information, please visit www.integralife.com.
Forward Looking Statements
This news release contains "forward-looking statements", including statements regarding the proposed transactions and the ability to consummate the proposed transactions. Statements in this document may contain, in addition to historical information, certain forward-looking statements. Some of these forward-looking statements may contain words like "believe," "may," "could," "would," "might," "possible," "should," "expect," "intend," "plan," "anticipate," or "continue," the negative of these words, other terms of similar meaning or they may use future dates. Forward-looking statements in this document include without limitation statements regarding the planned completion of the proposed divestiture and acquisition, the benefits of the proposed divestiture and acquisition, including future financial and operating results, Integra's or the Codman Neurosurgery business's plans, objectives, expectations and intentions and the expected timing of completion of the proposed divestiture and acquisition. It is important to note that Integra's goals and expectations are not predictions of actual performance. Actual results may differ materially from Integra's current expectations depending upon a number of factors affecting the Codman Neurosurgery business and Integra's business and risks and uncertainties associated with acquisition transactions. These factors include, among other things: successful closing of the proposed divestiture and acquisition; the ability to obtain required regulatory approvals for the proposed divestiture and acquisition (including the approval of antitrust authorities necessary to complete the proposed acquisition), the timing of obtaining such approvals and the risk that such approvals may result in the imposition of conditions, including with respect to divestitures, that could materially adversely affect Integra, the Codman Neurosurgery business and the expected benefits of the proposed acquisition; the risk that a condition to closing of the proposed divestiture or acquisition may not be satisfied on a timely basis or at all, the failure of the proposed divestiture or acquisition to close for any other reason and the risk liability to Integra in connection therewith; access to available financing (including financing for the acquisition) on a timely basis and on reasonable terms; the effects of disruption caused by the proposed divestiture or acquisition making it more difficult for Integra to execute its operating plan effectively or to maintain relationships with employees, vendors and other business partners; stockholder litigation in connection with the proposed divestiture or acquisition; Integra's ability to successfully integrate the Codman Neurosurgery business and other acquired businesses; global macroeconomic and political conditions; the difficulty of predicting the timing or outcome of product development efforts and regulatory agency approvals or actions, if any; physicians' willingness to adopt and third-party payers' willingness to provide reimbursement for Integra's and the Codman Neurosurgery business's existing, recently launched and planned products; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; and other risks and uncertainties discussed in Integra's filings with the SEC, including the "Risk Factors" sections of Integra's Annual Report on Form 10-K for the year ended December 31, 2016 and subsequent quarterly reports on Form 10-Q. Integra undertakes no obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as expressly required by law. All forward-looking statements in this document are qualified in their entirety by this cautionary statement.
Investor Relations Contact:
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Integra LifeSciences Holdings Corp. via Globenewswire
Om Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
+1 212 401 8700http://www.nasdaqomx.com
NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.
Følg saker fra Nasdaq GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Nasdaq GlobeNewswire
DealCloud announces global expansion, opening of EMEA Headquarters23.5.2018 08:00 | Pressemelding
LONDON, May 23, 2018 (GLOBE NEWSWIRE) -- DealCloud, a technology leader for deal & relationship management in the private capital markets, announces the opening of its EMEA headquarters in Holborn, London, United Kingdom. With the opening of the regional headquarters in London, DealCloud operates out of 4 offices globally. Supporting a rapidly growing client base in the region, DealCloud now provides implementation services, client support, and account management through a dedicated team based out of the London office. "We work closely with every client to tailor our exceptional technology and capabilities to their specific process," says DealCloud Co-Founder and Chief Revenue Officer Ben Harrison. "We are committed to delivering the best possible results for our clients, and we believe growing our team in London is the best way to do this." "Supporting dozens of clients in EMEA today, and adding new clients every week, we are excited about the impact our office expansion will have wit
Northland Power Announces Retirement of CEO John Brace and Appointment of Mike Crawley as Chief Executive Officer, Effective August 4, 201823.5.2018 01:27 | Pressemelding
TORONTO, May 22, 2018 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland") (TSX:NPI) today announced that Chief Executive Officer John Brace will retire on August 4, 2018 after 30 years with the company. Mike Crawley, currently Northland's Executive Vice President, Development has been appointed to the role of Chief Executive Officer, effective August 4, 2018. Mr. Brace and Mr. Crawley will work together to ensure a smooth transition. Mr. Brace will continue to serve as a Director of Northland. John joined Northland in 1988, shortly after the company was founded. He was appointed Chief Executive Officer in 2005. He has steered Northland through many of its projects, initiatives and growth. Under his leadership, the company has grown to its current enterprise value of $12 billion. John was appointed to Northland's Board of Directors on April 4, 2018, and along with Northland's other board members, will stand for re-election at Northland's Annual General Meeting on May 23rd, 2018. Mike
MyoGen: Leaders of an Anabolic Revolution22.5.2018 23:00 | Pressemelding
GUJARAT, India, May 23, 2018 (GLOBE NEWSWIRE) -- Myogen will make you rethink what the human body is capable of. To be an athlete means to partake on a never-ending quest for self-improvement. An obsession to search for a winning edge. Even when we are competing against ourselves, our desire to overcome our physical limitations and achieve new heroic and record setting performances becomes an overwhelming primary focus. Today marks an evolution in what the human body is capable of, with the launch of the MyoGen range of anabolic products. Myogen, the essence of "muscles". MyoGen takes its source from the Greek words "Myo" meaning "Muscle" and "Genesis" meaning "Birth". This implicit historical reference, of the origin of the muscle, displays both the commitment and professionalism of Myogen, and their unwavering focus on peak physical performance. The brightest leader's blaze trails. The Myogen brand is managed by an international team of experts who are committed to making athletes st
Constellation Brands Promotes Jim Sabia to Newly Created Role of Chief Marketing Officer22.5.2018 22:30 | Pressemelding
New role will serve as a member of the company's Executive Management Committee VICTOR, N.Y., May 22, 2018 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE:STZ) (NYSE:STZ.B), a leading beverage alcohol company, announced today that it has promoted Jim Sabia to the newly created role of Executive Vice President and Chief Marketing Officer, Constellation Brands. In this new role, Sabia will serve as the marketing lead for the company's Beer and Wine & Spirits Divisions, responsible for all aspects of marketing across Constellation's entire beverage alcohol portfolio. Sabia will serve as a member of the company's Executive Management Committee and report directly to Bill Newlands, President and Chief Operating Officer. "Our company's core mission is to build brands consumers love and Jim has been a driving force behind the success of our beer brands over the years," said Newlands. "It is critically important that the voice of the consumer and brand-building principles have strong repr
Algeco Announces First Quarter 2018 Financial Results Conference Call22.5.2018 17:52 | Pressemelding
BALTIMORE, May 22, 2018 (GLOBE NEWSWIRE) -- Algeco Investments B.V. (together with its subsidiaries, "Algeco"), the leading global business services provider of modular space, secure portable storage solutions and remote workforce accommodations, today announced that it will hold its first quarter 2018 financial results conference call on Tuesday, June 5, 2018 at 10:00 a.m., Eastern Time. To access the call, please dial (847) 585-4422 or (888) 424-8151 (US toll free) and enter participant PIN code 9192211# approximately ten minutes prior to the start of the call. You will be placed on hold until the event begins. The conference call will also be broadcast over the internet with an accompanying slide presentation. To join the web conference, go to http://web.meetme.net/r.aspx?p=2&a=UTzMrdwdRriEIu. Please enter your name, email address and company to join the call. The customer service team can be reached at any time by pressing *0 on your telephone keypad. On Wednesday, May 30, 2018 at
Hitachi Named a Visionary in Inaugural Gartner Magic Quadrant for Industrial IoT Platforms22.5.2018 15:00 | Pressemelding
Hitachi Positioned in Visionaries Quadrant for Completeness of Vision and Ability To Execute TOKYO and SANTA CLARA, Calif., May 22, 2018 (GLOBE NEWSWIRE) -- Hitachi, Ltd. (TSE:6501) and Hitachi Vantara, today announced that Hitachi has been positioned in the Visionaries quadrant of the inaugural Gartner Magic Quadrant for Industrial IoT Platforms1based on Gartner, Inc.'s evaluation of the company, which included Hitachi's Lumada IoT platform. Gartner describes the market for IIoT platforms as "a set of integrated software capabilities. These capabilities span efforts to improve asset management decision-making, as well as operational visibility and control for plants, depots, infrastructure and equipment within asset-intensive industries." In the report, Gartner predicts: "By 2020, on-premises Internet of Things (IoT) platforms coupled with edge computing will account for up to 60% of industrial IoT (IIoT) analytics, up from less than 10% today." The report also notes: "Gartner believe
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom