Baxter to acquire Synovis
The USA’s Baxter International (NYSE: BAX) said yesterday that it has reached agreement to acquire and Synovis Life Technologies (Nasdaq: SYNO), a provider of biological and mechanical products for soft tissue repair used in a variety of surgical procedures.
The Synovis board has unanimously approved the transaction and is recommending that its shareholders back the deal at an offer price of $28 per share, equal to $325 million of equity value or around $260 million after adjusting for the net cash. The offer is a 52% premium to Synovis’ closing price on December 12, and the news saw the firm’s stock leap 51% to $27.78 yesterday, while Baxter dipped early% to $49.30.
This is Baxter’s third acquisition this year. It bought drug delivery firm Baxa Corp for $380 million and Prism Pharmaceuticals for $338 million (The Pharma Letters August 27 and April 20). It also took over the UK’s ApaTech for 300 million the year earlier (TPL March 2, 2010).
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