Integra LifeSciences Holdings, a US-based surgical and medical instrument manufacturer, has strengthened its neurosurgical products line with the completion of its previously announced $1.045bn purchase of Johnson and Johnson (J&J’s) Codman Neurosurgery business.
The acquired business, which generated net revenues of about $371.5m last year, offers a portfolio of devices focused on hydrocephalus management, neurointensive care, and cranial surgery.
Integra president and chief executive officer Peter Arduini said: “The addition of Codman Neurosurgery expands our global leadership position by creating one of the broadest medical device portfolios in the neurosurgery market.
“Our planned investments in product innovation and global infrastructure will allow us to provide more healthcare solutions to surgeons and their patients worldwide.”
In the coming days, Integra intends to complete a previously announced divestiture of certain neurosurgery assets to Natus Medical that it needed to make as a result of regulatory reviews by the US Federal Trade Commission and the National Markets and Competition Commission of Spain.
The divestiture includes Integra’s global Camino ICP monitoring product line and US rights relating to Integra’s fixed pressure shunts, Codman’s Duraform, standard EVD catheters, and CSF collection systems.
Arduini further noted: “The Codman acquisition is transformational to Integra and creates significant long-term growth opportunities for our entire company.”
For Integra, Bank of America Merrill Lynch acted as exclusive financial advisor, while Latham and Watkins acted as legal advisor in this transaction.
Meanwhile, J&J noted that it remains dedicated to ischemic and hemorrhagic stroke treatment through its newly launched Cerenovus platform.
It includes aneurysm coils, vascular reconstruction devices and other technologies used in the endovascular treatment of cerebral aneurysms and stroke.