Integra to sell neurosurgery assets to Natus Medical
Integra LifeSciences has signed an agreement to sell certain neurosurgery assets to Natus Medical in a deal valued at $47.5m.
The latest sale is contingent on the completion of Integra's proposed acquisition of Codman Neurosurgery from Johnson & Johnson.
The sale to Natus Medical will include Integra’s global Camino ICP monitoring product line as well as its San Diego manufacturing facility.
Additionally, Integra will sell certain assets and the US rights relating to the company’s fixed pressure shunts, as well as to Codman's Duraform, standard EVD catheters, and CSF collection systems.
Integra LifeSciences president and CEO Peter Arduini said: "This agreement is an important step toward the completion of Integra's acquisition of Codman Neurosurgery.
"We remain committed to ensuring a smooth and orderly transition for our customers and employees."
The company noted that it is selling the assets in connection with the review by the Federal Trade Commission of its proposed acquisition of Codman Neurosurgery assets.
Both the sale and the pending acquisition of Codman remain subject to final regulatory approvals and satisfaction of other customary closing conditions and are expected to close next month upon securing regulatory clearance.
The neurosurgery product lines associated with these divestitures generated about $50m of revenue last year.
For the full year 2018, Codman Neurosurgery is expected to contribute between $290m and $300m in revenue.
Integra LifeSciences offers solutions such as plastic and regenerative technologies, in specialist surgical solutions, orthopedics and tissue technologies.