Medtronic (NYSE: MDT) has expanded its biologics division with a $123 million deal to purchase Osteotech, which is based in Eatontown, NJ. Osteotech's business focuses on healing bone injuries through surgical procedures and regenerative healing. And Medtronic execs hope the merger will foster accelerated technology discoveries.
"We see substantial opportunities during the next five to 10 years to help more patients with biologics and regenerative therapies," says Tom McGuinness, general manager of Medtronic Biologics, in a statement. "The combination of our two organizations will only accelerate our innovation and progress against our goals in helping to alleviate pain, restore health, and extend life for our patients."
Osteotech has recently been in a proxy battle with a shareholder, according to Dow Jones. The group, which owns 23 percent of the company's stock, has been disgruntled with Osteotech's leadership and tried to gain standing on the company's board during the current election. The board unanimously accepted Medtronic's offer, citing its "significant value" to Osteotech stockholders.
- read the Medtronic release
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