Transaction worth up to $140 million will accelerate market entry for plastic and reconstructive surgical devices.
Chicago, December 1, 2022–(BUSINESS WIRE)–Surgical Innovation Associates (SIA) today announced the formal acquisition of Integra Life Sciences Holding Corporation (Nasdaq: IART), a leading global medical technology company. announced that they had signed a contract. SIA manufactures and markets DuraSorb®, an absorbable monofilament mesh for plastic and reconstructive surgery, with annual revenue growth of 80-100% since its commercial launch in 2020. This acquisition will facilitate continued adoption of the product in the United States and make it available globally. The transaction is expected to close by the end of the year, subject to customary conditions.
Integra to acquire SIA for up to $140 million. Of this amount, $50 million is subject to customary purchase price adjustments, up to $90 million once certain revenue and regulatory milestones are met.
“Integra LifeSciences enjoys great respect among physicians and shares SIA’s origins in orthopedic surgery.” Equipping Surgeons for Soft Tissue Reconstruction. “
The addition of DuraSorb’s resorbable synthetic technology further enhances 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) in mastectomy patients. Integra is the only manufacturer to have submitted a premarket approval (PMA) application for this soft tissue support at IBBR. Similarly, SIA has pursued its goal of obtaining a PMA for its indication and has achieved over 70% enrollment in clinical evaluations of DuraSorb in IBBR under an investigational device exemption.
Chief Executive Officer Josh Bose, M.D., said: Officer, SIA. Integra’s global reach and commercial strength help us achieve our joint mission to improve women’s health outcomes. “
Dr. Vose, as well as Co-Founder and Chief Operating Officer Todd Cruickshank and Chief Operating Officer Jason O’Hearn will continue in their leadership roles as part of Integra.
said Robert T. Davis, Jr., Executive Vice President and President, Tissue Technologies, Integra LifeSciences. “By offering two distinct product solutions, DuraSorb and SurgiMend, to plastic and reconstructive surgeons, we aim to address a variety of clinical, contractual and financial needs across a variety of healthcare settings. SIA Leadership and I look forward to welcoming my colleagues to lead the team’s success.”
BofA Securities acted as exclusive financial advisor to SIA.
Proskauer acted as legal counsel to SIA.
Wyrick Robbins acted as legal counsel to Integra.
About Surgical Innovation Associates (SIA)
SIA is a Northwestern University spinout founded in 2016 by Alexei Mlodinow, Todd Cruikshank, and technology inventor Dr. John Kim. SIA created his DuraSorb® family of products, from idea to FDA 510k clearance to CE marking to the operating room. The company is based in Chicago, Illinois (USA) and offers both commercial and experimental products in the US and several other markets.
The use of DuraSorb®, like any implantable medical device, carries the risk of complications that may result from the surgical implantation procedure or the device itself. A complete list of warnings and precautions can be found in the US and EU Surgeon’s Instructions for Use. In the United States, the device is only approved for soft tissue reinforcement where vulnerabilities exist, and specific applications in breast reconstruction and aesthetics remain under investigation.
Learn more at sia.health
About Integra Life Science
Integra LifeSciences is a global leader in regenerative tissue technology and neurosurgical solutions, dedicated to minimizing clinician uncertainty and enabling them to focus on providing the best patient care. Integra is a portfolio of quality leadership brands including AmnioExcel®, Bactiseal®, BioD™, CerebroFlo®, CereLink® Certas® Plus, Codman®, CUSA®, Cytal®, DuraGen®, DuraSeal®, Gentrix® and ICP. offers a comprehensive portfolio. Express®, Integra®, Licox®, MAYFIELD®, MediHoney®, MicroFrance®, MicroMatrix®, NeuraGen®, PriMatrix®, SurgiMend®, TCC-EZ®, VersaTru®. For the latest news and information about Integra and its products, please visit: Integratelife.com.
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