Integra LifeSciences Holdings ($IART) has agreed to buy Austin-based Ascension Orthopedics for approximately $65 million in cash. Ascension develops and distributes implants for the shoulder, elbow, wrist, hand, foot and ankle.
Ascension brings to Integra its differentiated pyrolytic carbon technology--a specific form of carbon with specially manufactured crystalline structures known for its durability, wear resistance and biocompatibility.
"We are very excited to become a part of Integra," said Guy Mayer, president and CEO of Ascension. "Integra's dedicated sales force and strong balance sheet provide the stability and infrastructure necessary for us to fuel growth and emerge as a leader in the important extremities market."
Ascension generated approximately $19 million in revenue in the 12 months ending in June, according to a statement. Although Ascension has grown its revenues each year since 1996, it has not operated profitably.
- see the Integra release