AstraZeneca sells its med tech arm to Dentsply for $1.8 billion in cash | Deals Roundup


AstraZeneca plc (NYSE:AZN) announced that it signed a definitive agreement to sell its medical device arm, Astra Tech, to dental device maker Dentsply International Inc. (NSDQ:XRAY) for $1.8 billion in cash.

The merger will put Dentsply in the top three for dental implant market share, according to a company release.

Astra Tech, headquartered in Mölndal, Sweden, has two main device divisions: one in dental implants and one in urology and surgery. The company recorded worldwide revenue of $545 million in 2010.

AstraZeneca announced that it would unload its devices unit in April and set a starting bid at $2.13 billion. Straumann Holding AG (SWF:STMN) and Nobel Biocare Holding AG (VTX:NOBN) dropped out early in June.

York, Pa.-based Dentsply expects the deal to add between 12 and 17 cents per share to its profit in the full first year after the deal closes, according to the release.

Dentsply’s stock closed at $38.32 after the announcement yesterday, a 1.9 percent increase over the previous day’s close, but was back down to $37.80 at the end of the day today.

The deal is expected to close by the end of the year, according to SEC filings.

Here’s a roundup of companies announcing mergers, acquisitions and divestitures.

  • Smith & Nephew acquires Tenet Medical
    Orthopedic device giant Smith & Nephew (NYSE:SNN) announced today that it acquired privately held Tenet Medical for an undisclosed amount. Tenet develops patient positioning systems for surgeons and medical facilities. The news comes on the heels of a $85 million win for SNN in a patent dispute against competitor Arthrex Inc.
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  • Altor buys Orchid Orthopedic
    Altor Fund III announced that it signed an agreement to acquire Orchid Orthopedic Solutions from Churchill Equity for an undisclosed amount. Orchid supplies design and manufacturing services for orthopedic and dental implants and instruments.
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  • District Court of Nazareth okays Essilor and Shamir merger
    Israel-based Shamir Optical Industry Ltd. (NSDQ:SHMR) won final approval from the District Court of Nazareth for Essilor Corp. to acquire 50 percent of Shamir, pursuant to approval by company shareholders.
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  • Luminex to acquire EraGen Biosciences for $34 million
    Luminex Corp. (NSDQ:LMNX) announced plans to acquire EraGen Biosciences by purchasing all outstanding shares of EraGen for about $34 million in cash. The agreement includes a $1.5 million consolation prize for Luminex if EraGen goes with another offer, according to SEC filings. The companies expect the deal to close in the next few weeks.
    Read more

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